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Overstock.com bolsters merchandising leadership

Overstock.com promoted Seth Marks to SVP of merchandising and strategic sourcing. The promotion was in conjunction with the online shopping site’s first-quarter results for the period ended March 31.

Marks has been with the company since 2013, serving as VP of sales and special acquisitions.

"Seth brings a wealth of experience to this position from his previous work in liquidation and retail channel markets. He continually makes great contributions in securing the best deals for our customers," CEO Patrick M. Byrne said.

In 2004, Marks co-founded Big Lots Capital, the special acquisitions arm of Big Lots, and served there as the VP of merchandising. In 2008, Marks was president and CEO of Talon Merchant Capital, which was acquired in 2009 by Liquidation World where Marks continued as turnaround CEO until 2011 when he became the chief marketing officer and acquisition group president of Tuesday Morning Corporation stores. Marks held that position until 2013.

The company reported total net revenue for the quarter of $341.2 million, representing a 9% increase. The growth in net revenue was primarily due to an increase of 8% in average order size, from $153 to $165, coupled with a 5% increase in orders. These increases were partially offset by an increase in the amount of orders taken but not delivered at quarter end due to higher average daily sales in the last week of the quarter and the timing of quarter end.

The company also reported that it has reached agreements in principle to purchase land in Salt Lake City, Utah, and develop or lease its future headquarters on the site. Both agreements are non-binding and subject to the company’s due diligence and final negotiation of terms. If the company proceeds to develop or lease a facility for its new headquarters, it will need to obtain additional financing.

 

 

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