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Overstock was reportedly planning to sell its flagship e-commerce business and utilize the cash inflow to build-up its portfolio of blockchain ventures., however, the platform has decided to put any such plans on hold.
CEO Patrick Byrne indicates in a conference call to discuss fourth-quarter results Monday, that they have decided to switch from its original plan aimed at selling its retail business end of February, stating that there is no firm timeline as of yet. He told the shareholders:
“It’s like preparing a souffle, and a souffle is ready when it’s ready.”
Byrne instead conversed in a way that suggested that Overstock is expecting to hold on to its original business for a while, asserting that as per him the retail unit expects “a year of explosive growth,” and subsequently “s...
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