Patrick M. Byrne founded Overstock.com in 1997 to sell surplus and returned inventory of retail stores, liquidating the inventories of at least 18 failed dot-com companies at prices that were below wholesale.
The first year of operation, Overstock.com had $1.8 million in revenue.
In recent years Overstock.com has expanded to sell new merchandise. From 2004 to 2011 the company offered online auctions but the practice was ultimately retired.
Today Overstock.com is an internet retailer providing discounts on brand name, non-brand name, and closeout merchandise in the United States and internationally. The company also has a vehicle selling service.
In August 2019, CEO Patrick Byrne stepped down after making claims that he had been an FBI informant and that he was involved romantically with a Russian spy. Jonathan Johnson was named as interim CEO.
Many products are made specifically for overstock.com and the company also sells merchandise of other retailers through its website. Overstock. com has 1,800 employees and had $1.745 billion in revenue in 2017.