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.
You may quote up to 200 words of any article on the condition that you attribute the article to AuctionBytes.com and either link to the original article or to www.AuctionBytes.com. All other use is prohibited.
