Overstock Retains KPMG After Firing Prior Auditor

OverstockWhile the core eCommerce enterprise struggles to regain sales momentum, CEO Dr. Patrick Byrne (~27{5a8bd999db0c58faf2ba73ae7d1005bd1348defe1d3ad84d0657f3f344d189b7} proprietor) indicated he’s entertaining the idea of taking the company private.Overstock

I’m recalling now how Overstock’s business tanked from 2005-2007. Customer demand fell off a cliff due to a disastrous ERP implementation. If the debt and equity markets had not allowed Overstock to lift more money, it could have been lights out. While that cloud had a nice lining – it did lead administration to change the inventory model and considerably cut back capital needs – it nonetheless speaks to the tenuous hold the corporate has on clients. You just don’t get much margin of error…should you do not execute with precision, buyers go elsewhere and it’s extremely, very onerous to get them back.

With Overstock, I’ll confess that I do SUSPECT that a bonus exists. But the flexibility to confirm that benefit falls too … Read more