Wednesday, April 25, 2007
Overstock.com Sells OTravel.com, Reports Results
Salt Lake City, Utah-based Overstock.com announced today that it has sold its OTravel.com subsidiary to Castles Travel, in a $17.0M deal. OTravel provides on-line travel and vacation packages, primarily for ski packages in the U.S. and Canada. According to Overstock, the deal included a cash payment of $11.0M. OTravel was formerly known as Ski West. Castles Travel is owned by private equity firm Kinderhook Industries. Separately, Overstock.com reported its quarterly results, saying this morning that it had revenues of $157.9M in the quarter ending March 31, down 11% year to year, and a net loss of $21.4M for the quarter.