Thursday, December 15, 2011
Hundreds of people are bidding on returned merchandise at the Salt Lake City warehouse of Internet retailer Overstock.com.
Turns out, Overstock is overstocked.
It's the company's first auction and an unusual one. Goods are being sold by the pallet, each one containing a hodgepodge of unsorted goods, mostly furniture.
Many people say they're bidding blind because the stuff is shrink-wrapped in black plastic and they didn't study the manifests.
The auction was expected to continue for much of Thursday.
Overstock says each pallet is worth hundreds or thousands of dollars at full retail price, with bidders offering about 30 cents on the dollar.
The company calls it revenue recovery. Overstock already wrote off the goods from its books, so it's happy to get any money back.