RealTime IT News Acquires, Other Assets

Online discount and clearance sale e-tailer acquired, a close-out sporting goods e-tailer, and also spent $2.5 million to purchase the remaining inventory from defunct sites and said the jewelry site inventories are valued at more than $12 million retail.

"By absorbing these inventories and combining our traffic, we are primed to triple our sales during the upcoming holiday season," said Patrick Byrne, CEO of "We anticipate a minimum of $10 million per month in sales by the end of this year"

In return for an undisclosed amount of stock, will obtain all of The Corp. stock, and with that, its inventory valued at an estimated $14 million retail.

The inventory will be added to's sporting goods department. It includes 3,000 SKUs of different sporting goods equipment, including name brands such as The North Face, Timberland, Pearl Izumi, Champion and Puma, all of which will be available on by the end of October. has sold name-brand, close-out sporting goods from more than 550 manufacturers at prices 25 percent to 75 percent below retail. Its 45 employees will retain their current positions and will become part of the team. Over time, will go away and basically turn into's Sporting Goods Department, said a spokesperson for Overstock.

"This partnership is extremely powerful because it's fusing two powerhouses for liquidation into one site, reinforcing Overstock's dominance as the market leader in this space," said Nick Hanaour,'s board chairman.

By purchasing the inventories of now-defunct online jewelers and, said it acquired more than 1,500 SKUs of high-end jewelry, including diamond earrings, bracelets and rings; gold and silver jewelry from top designers; and watches from prestigious brands such as Rolex, TAG Heuer, Breitling, Cartier and Bulgari. Both inventories are being relocated to's new warehouse in Salt Lake City, and will be available on its Web site by Nov. 1, the company said.