Overstock.com Releases Statement on Initial Results of Voluntary Internet Sales Tax Collection
June 28 2018 - 2:37PM
Overstock.com, Inc. (NASDAQ:OSTK) has released the following
statement from its President, CEO, and Founder, Patrick M. Byrne,
regarding the impact of its recent decision to voluntarily collect
sales tax on all purchases from all applicable states and
districts:
“Early data around Overstock’s decision to collect sales tax
voluntarily in all remaining tax jurisdictions has mildly surprised
us – we have seen no measurable decrease to conversion in states in
which we began collecting this past week. Furthermore, we have
already begun expansion of projects, both digital and physical,
into key states in which we have previously been prevented from
operating due to tax nexus concerns.
“I’m pleased with the hard work of our team in quickly
implementing the technology that allows for accurate collection
following the regulations of the more than 12,000 independent U.S.
tax jurisdictions, and I am even more optimistic that we will see a
net-positive result to this shift once the digital and physical
expansion opportunities we are pursuing are implemented in
full.”
Overstock previously announced the exploration of physical and
digital expansion across the U.S. now that concerns about
establishing sales tax nexus in specific states have been
eliminated. The online retail pioneer is exploring physical
expansion of warehouse and fulfillment centers in strategic states
to decrease delivery times for customer orders, as well as the
opportunity for opening additional offices in areas with high
density of top technology talent. Digitally, the retailer is
working on opening direct affiliate, marketing, advertising,
engineering, and other vendor relationships in areas previously
prohibited by nexus concerns.
About Overstock.com
Overstock.com, Inc. Common Shares (NASDAQ:OSTK) / Series A
Preferred (Medici Ventures’ tZERO platform: OSTKP) / Series B
Preferred (OTCQX:OSTBP) is an online retailer based in Salt Lake
City, Utah that sells a broad range of products at low prices,
including furniture, décor, rugs, bedding, and home improvement. In
addition to home goods, Overstock.com offers a variety of products
including jewelry, electronics, apparel, and more, as well as a
marketplace providing customers access to millions of products from
third-party sellers. Additional stores include Pet Adoptions and
Worldstock.com dedicated to selling artisan-crafted products from
around the world. Forbes ranked Overstock in its list of the Top
100 Most Trustworthy Companies in 2014. Overstock regularly posts
information about the company and other related matters under
Investor Relations on its website, http://www.overstock.com.
O, Overstock.com, O.com, Club O, Main Street
Revolution, and Worldstock are registered trademarks of
Overstock.com, Inc. O.biz and Space Shift are also
trademarks of Overstock.com, Inc. Other service marks, trademarks
and trade names which may be referred to herein 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 all statements other than
statements of historical fact. Additional information regarding
factors that could materially affect results and the accuracy of
the forward-looking statements contained herein may be found in the
Company's Form 10-Q for the quarter ended March 31, 2018, which was
filed with the SEC on May 8, 2018, and any subsequent filings with
the SEC.
SOURCE: Overstock.com, Inc.
Media Contact:pr@overstock.com
Investor Contact:ir@overstock.com
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