Submitted by: Overstock.com
Posted: Nov 16, 2011 – 10:09 AM EST
SALT LAKE CITY, Nov. 16 /CSRwire/ - /PRNewswire/ - Overstock.com, Inc. (NASDAQ: OSTK), today announced that its CEO and Chairman Dr. Patrick M. Byrne, was named the Ernst & Young National Entrepreneur Of The Year® 2011 Retail and Consumer Products Award winner. He was honored at the Entrepreneur of the Year Awards gala, the culminating event of the Ernst & Young Strategic Growth Forum® held in Palm Springs, California on November 12, 2011.
Ernst & Young recognized Byrne for his ability to spot opportunity in the online retail industry, giving rise to the first online site used for inventory liquidations, and for enhancing the online shopping experience. Ernst & Young noted that Byrne was able to weather the storm of the internet bubble and to lead Overstock.com and its sister philanthropic-retail sites, Worldstock.com Fair Trade and The Main Street Revolution, to the top of the industry.
"This is a great win for the company," said Byrne. "I could not have done it in any other state but Utah or without the help of the entire Overstock.com team."
"We're delighted to honor Dr. Patrick M. Byrne as a leading entrepreneur and to recognize his accomplishments in both developing a new model in online marketing and in serving the global community through his philanthropic efforts," said Bryan Pearce, Americas director, Entrepreneur Of The Year, Ernst & Young LLP. "Byrne has made online shopping simple, enjoyable and affordable for consumers everywhere, and he is truly deserving of the Ernst & Young Entrepreneur of the Year 2011 Award in the Retail and Consumer Products category."
In 2001, Byrne began Worldstock.com Fair Trade, Overstock.com's socially responsible store for products handcrafted by artisans from developing nations and rural areas of the U.S.A. The department distinguishes itself from its competitors by returning between 60 to 70 percent of the sales price on goods to the artisans. To date, Overstock.com has returned more than $73 million to Worldstock's artisan supplier channels. Overstock.com also donates all other net profits from Worldstock Fair Trade to charity. To learn more visit www.worldstock.com.
In June 2010, Byrne launched The Main Street Revolution Store which provides small businesses in the U.S. with a platform for national sales visibility, while reducing their supply chain costs. The store allows Overstock.com customers to 'shop local' by searching for Main Street Revolution products produced and sold in a particular state. The Main Street Revolution Store currently carries a wide range of products from jewelry to clothing to gourmet food and has vendors from 30 states. To learn more visit www.overstock.com/mainstreet.
Overstock.com is Your Savings Engine offering brand-name products. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory distribution channel. Overstock.com, headquartered in Salt Lake City, is a publicly traded company listed on the NASDAQ Global Market System and can be found online at www.overstock.com and www.o.co. Overstock.com regularly posts information about the company and other related matters on its website under the heading "Investor Relations."
Overstock.com®, O.co®, Worldstock®, Worldstock Fair Trade® and Club O Rewards® are registered trademarks of Overstock.com, Inc. Main Street Revolution™, Main Street Revolution Initiative™, and Your Savings Engine™ are trademarks of Overstock.com, Inc. All other trademarks are the property of their respective owners.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements regarding use of future Worldstock Fair Trade profits and the ability to shop by state. Our Form 10-K for the year ended December 31, 2010, our subsequent quarterly reports on Form 10-Q, or any amendments thereto, and our other subsequent filings with the Securities and Exchange Commission identify important factors that could cause our actual results to differ materially from those contained in our projections, estimates or forward-looking statements.