Overstock.com Buys ToyTime.com's $11.5 Million Inventory; Name-Brand Toys at Bargain Prices Position Overstock.com as Top Toy-Buying Site for the Holidays.
SALT LAKE CITY--(BUSINESS WIRE)--Sept. 11, 2000
Overstock.com, the Internet leader for name brands at clearance prices, Monday announced its $3.7 million purchase of ToyTime.com's inventory valued at an estimated $11.5 million retail.
With this single purchase from the bankrupt online toy retailer, Overstock.com acquired more than 4,000 SKUs of different toys, including name brands such as Fisher Price, Hasbro, Lego and Mattel. This extensive product selection, combined with its 40-70 percent off retail prices, will position Overstock.com as a top toy-buying destination for the holidays.
"We bought this inventory because ToyTime.com had a reputation for selling an excellent selection of quality toys online, and we know that our customers will value finding great deals on trusted, name-brand toys this holiday season," commented Patrick Byrne, chief executive officer of Overstock.com.
"And thankfully, with our new warehouse and substantial growth, we can continue to buy large volumes of inventory from top retailers to offer our shoppers the greatest selection of quality products at reduced prices."
Overstock.com will start selling the higher-end toys from the ToyTime.com inventory on its site in mid-October, just in time for the holiday shopping season. It will sell the remaining, lower-priced items in ToyTime.com's inventory -- roughly half of the toys -- to smaller companies later this year.
Overstock.com also bought $600,000 worth of warehouse equipment from the ToyTime.com auction for Overstock.com's new warehouse in Salt Lake City, which has been custom-built to handle the liquidation business' unique demands of flexibility, volume and efficiency.
Overstock.com is the Internet leader for name-brands at clearance prices. Capitalized and managed by a team with a successful track record in value investing and managing offline and online companies, Overstock.com is a private company located in Salt Lake City. It can be found online at www.overstock.com.
Overstock.com is a trademark of Overstock.com Inc.
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|Date:||Sep 11, 2000|
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