Overstock has purchased the entire inventory of Bidz.com, the jewelry e-tailer that went out of business earlier this year.
The purchase is the largest in Overstock’s history, the company said, estimating its retail value at $89 million. It will be housed in a new part of the site called the Jewelry Liquidation Vault.
A statement said the purchase harkens back to the early days of the company when, in the aftermath of the dot-com bubble, CEO and founder Patrick M. Byrne used to buy out the entire inventory of failed e-etailers
“To any other parties out there in possession of inventories on which they need to recover top dollar while liquidating quickly, I say, ‘call collect,’” Byrne said in a statement.
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