Power Sellers Unite

elgato · Joined: 24 Feb 2005 Posts: 17240 Location: Texas

SALT LAKE CITY — In a 670,000-square foot warehouse in Salt Lake City, Overstock.com has piled up thousands of items that customers, for whatever reason, have returned during the past few months.

So what happens to all that stuff that gets returned? The Salt Lake City-based company is facing that problem, and this week it has a plan to get rid of it during an auction where anyone can bid on it.

A preview day is set for Wednesday between 10 a.m. and 4 p.m.

The auction, at at 1790 S. 4800 West, will be Thursday at 10 a.m., and everything is expected to be sold within a few hours. To see a product list, go to http://salesandauction.com/images/stories/files/o.co.pdf. Pictures of some of the items are also posted on salesandauction.com.

“Overstock has put these pallets together and wrapped them up," said Rob Olson, owner of Erkelens and Olson Auctioneers, "and it’s like a warehouse full of Christmas presents.”

http://www.deseretnews.com/article/705395703/Overstock-to-get-rid-of-returned-items-in-public-auction.html

elgato · Joined: 24 Feb 2005 Posts: 17240 Location: Texas

Update:

"Overstock.com unloads goods at Utah auction"

SALT LAKE CITY (AP) — Overstock.com, the online retailer known for selling distressed merchandise, was feeling a little distressed itself. With household merchandise stacking up in a warehouse, it opened the doors Thursday for an auction of goods assembled hodgepodge that had to be bought together on pallets.

Overstock was overstocked.

"We call it revenue recovery," said Carroll Morale, a vice president of supply chain, who said Overstock had already written off the mostly returned goods as a loss and was happy to get anything back.

More than 600 people registered for the warehouse auction, and many said they were bidding blindly because pallets were shrink-wrapped in black plastic and they didn't study the manifests.

"I just came to blow some money — my wife is going to kill me," said Joseph Kikel, a 34-year-old car salesman who bought a pallet of furniture for about 25 cents on the dollar.

The man from Layton, Utah, spent $350 for a leather chair, a dresser, an entertainment center and padded bench. He wasn't certain what he bought until he unloaded boxes in his pickup.

It was Overstock's first auction and to mix things up, workers stacked pallets with whatever moved down a conveyor belt — "you could get dinnerware with luggage," Morale said.

Salt Lake City auctioneer Rob Olson said 307 pallets of goods were sold for around $150,000.

"It was crazy," he said. The auction's final pallet contained $14,000 worth of women's dresses, he said. It sold for $1,800.

http://www.google.com/hostednews/ap/article/ALeqM5in0wtgDXXmRCoIlGZDGITT1O5X2A?docId=9aad6c2d1f7e4a659b3f92f2c73e3072

MIKEHATESEBAY · Joined: 18 Nov 2010 Posts: 160

I'd be willing to bet $10.000 (of romneys money) that all of that crap ends up on ebay !!!!!

elgato · Joined: 24 Feb 2005 Posts: 17240 Location: Texas

No bet Mike! :lol:

Update:

"Overstock’s returned-merchandise auction opens at 10 a.m."

Overstock.com, the online discount retailer, on Tuesday will stage another auction of its returned merchandise that will be open to the public.

The Salt Lake City-based company said 300 or so pallets of merchandise will be auctioned, beginning at 10 a.m. at 1790 S. 4800 West, Suite B, in Salt Lake City.

Bidders were able to preview the pallets until 4 p.m. Monday. Although the pallets are shrink wrapped, manifests of the contents will be attached to each lot. Manifests also are available for bidders to view at www.salesandauction.com.

"Normally, we arrange sales of returned goods to professional liquidators," company president Jonathan Johnson, said in a statement. "However, we think [the auctions] provide a real opportunity for local entrepreneurs."

Those who want to bid can register at the auction Tuesday.

More than 600 potential bidders registered for a similar auction conducted in December.

http://www.sltrib.com/sltrib/money/53405281-79/auction-merchandise-overstock-returned.html.csp