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TechnologyOct 30, 2014
Overstock buys Bidz.com’s inventory
Overstock has acquired the entire inventory of foreclosed jewelry auction site Bidz.com, which will serve to be the center of the company’s new Jewelry Liquidation Vault.
Overstock is launching its new Jewelry Liquidation Vault online with the inventory that it purchased from the foreclosed jewelry auction site Bidz.com.
New York--Overstock has acquired the entire inventory of foreclosed jewelry auction site Bidz.com, which will serve to be the center of the company’s new Jewelry Liquidation Vault.
Overstock said that Bidz.com estimated its high-end jewelry to be worth more than $89 million retail. The jewelry recently was transported to Overstock’s distribution center in Utah in preparation for its sale on the website.
The new Jewelry Liquidation Vault, which is live now, showcases high-end fine jewelry pieces at liquidation prices on Overstock’s website.
In addition to the liquidated jewelry that it acquires through similar opportunities, the vault also will provide a place for Overstock’s designer and jewelry merchant partners to showcase their one-of-a-kind jewelry deals, according to the company, where Overstock will act as a third-party platform to sell the pieces and receive a portion of the sales.
RELATED CONTENT: Jewelry auction website Bidz to liquidate
Overstock said that the acquisition and the launch of the vault are moves designed to return the company to its roots of buying liquidated jewelry on sight, which helped the company gain its initial momentum.
“We don’t want to lose sight of where we come from,” said Overstock President Stormy Simon. “When we have opportunities to bring our customers extraordinary deals like this, we make it happen.”
As part of the company’s move to bring focus back to liquidation and find more large-scale opportunities, Overstock also said that it has created a dedicated team to pursue deals like the Bidz.com deal.
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