Overstock.com One of '100 Most Trustworthy Companies' Per Forbes Companies Included on List Received Highest Scores for Trustworthy Behavior
SALT LAKE CITY, April 2, 2014 /PRNewswire/ -- Overstock.com, Inc., (NASDAQ: OSTK) the online shopping site, has been ranked as one of America's "100 Most Trustworthy Companies" by Forbes. The media outlet's list finds and recognizes the "most transparent and trustworthy businesses that trade on American exchanges." Overstock.com was the only eCommerce company to make the list.
"We are thrilled to be recognized by Forbes for our credibility and ethical behavior," said Patrick Byrne, Overstock.com Chairman and CEO. Byrne, who holds a doctorate in philosophy from Stanford, added, "My colleagues have long sought to make ethical behavior a key ingredient of our business model, from the way we treat each other within the firm, to the way we engage and negotiate with our suppliers, to the world-class service our Customer Care team offers our customers. This commitment extends to such offshoots of our business model as empowering global artisans through Worldstock (which recently crossed the $100 million mark in remittances to global artisans), empowering small entrepreneurs around the USA through Main Street Revolution, repurposing our technology to facilitate Pet Adoption (announced this week), and Farmers Market (coming soon). Lastly, in 2004-2005 we took as our social mission the task of exposing and burning down the New York-Washington oligarchy, and consider ourselves successful at the first (and would be successful at the second were it not for our nation's sclerotic political class and captured regulatory institutions). So that remains an ongoing project."
To develop this list, Forbes used GMI Ratings. GMI, a provider of environmental, social accounting and governance risk ratings worldwide, reviewed the performances of over 8,000 publicly traded companies in North America. GMI considered factors including high-risk events, revenue and expense recognition methods, SEC actions, and bankruptcy risk to indicate a company's credibility.
In addition to this accolade, Overstock.com has also been a recipient of Gartner's User's Choice Award for Customer Relationship Management Excellence, Compuware's Best of the Web Gold Award in the U.S. Retail Product Order Transaction category and consistently placed in the top four of the National Retail Federation Foundation/AMEX Customer Choice Awards. Forbes magazine named Overstock.com the No. 9 Best Company to Work for in the Country for 2010, and Byrne the CEO with the highest employee approval rating (92%). Byrne received the 2011 Ernst & Young National Entrepreneur of the Year Award.
Overstock.com was most recently named in the top three online retailers in the 2014 Customer Loyalty and Engagement Index with Amazon and Ebay. In addition to these honors, Overstock.com recently received recognition from a top national news organization as a website that truly saves shoppers money.
Overstock.com (NASDAQ: OSTK) is a discount online shopping retailer based in Salt Lake City, Utah that sells a broad range of products including furniture, rugs, bedding, electronics, clothing, jewelry and cars. Worldstock.com, a fair trade department dedicated to selling artisan-crafted products from around the world offers additional unique items. Main Street Revolution supports small businesses across the United States by providing them a national customer base. The Nielsen State of the Media: Consumer Usage Report placed Overstock.com among the top five most visited mass merchandiser websites in 2011. The NRF Foundation/American Express 2011 Customer Choice Awards ranked Overstock.com #4 in customer service among all U.S. retailers. Overstock.com sells internationally under the name O.co. Overstock Shopping (http://www.overstock.com and http://www.o.co) regularly posts information about the company and other related matters under Investor Relations on its website.
Overstock.com®, O.co®, Worldstock Fair Trade® and Club O Rewards® are registered trademarks of Overstock.com, Inc. O.info™, Club O™, Club O Dollars™ and Your Savings Engine™ are trademarks of Overstock.com, Inc. All other trademarks are the property of their respective owners.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, all statements not regarding historical fact. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company's Form 10-K for the year ended December 31, 2013, which was filed with the SEC on February 27, 2014, and any subsequent filings with the SEC.
SOURCE Overstock.com, Inc.