Nov 4, 2008 5:20 pm US/Eastern
Slowing Economy Means Huge Overstock Savings
NEW YORK (CBS) ―
The downturned economy has a number of big retailers cutting their holiday orders which is leaving many designer and brand-name goods in manufacturers' hands. However, discount stores and sites are scooping up this excess inventory and selling it at a fraction of the price.
Name brand toys, housewares, shoes, handbags and so much more are on sale for 25 to 50 percent off.
"It's great, it really, really is because I'll walk around and see things I've seen elsewhere for much more money," one shopper said.
And the discounts are found in names you know: Fisher Price, Barbie, Mattel, Little Tykes, and more.
As shoppers close their wallets, big time retailers are left holding the bag, and that has middlemen peddling their wares to discounters like Amazing Savings and Overstock.com. Consumers win with highly discounted merchandise.
"Gucci, we're doing a very big business in Movado," explained Patrick Byrne, founder of Overstock.com. He said while some retailers' sales are down 25%, his business is booming.
"Our whole company is very agile. Sso whenever there's a bankruptcy or a canceled order or excess container full of inventory, we're specialists in picking it up quickly."
Byrne says some of the Biggest bargains to be found at Overstock are in Gucci, Prada and Jimmy Choo shoes, bags, clothing, watches and electronics, as well as jewelry.
Adding to all of this, stores going out of business or consolidating, like Linens-n-Things and Circuit City, are sending a flood of deals into the marketplace.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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