Overstock.com issued a press release to inform investors it had decided to sell its travel subsidiary, OTravel.com. The company said it has entered into a non-binding letter of intent to sell the business to a third-party.
Due to an "impairment" of $4.5 million to the goodwill related to the original purchase of the travel subsidiary, along with $400,000 of other miscellaneous adjustments, Overstock increased its consolidated net loss attributable to common shares to $101.9 million from the previously reported $97.0 million loss.
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