Retailer Overstock.com Unloads Goods At Auction

By: Associated Press
By: Associated Press

Stay up-to-date with KAKE News:

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.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KAKE TV 1500 N. West Street Wichita, KS 67203-1323 (316) 943-4221
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 135687413 - kake.com/a?a=135687413
Gray Television, Inc.