Overstock is selling off some of its jewelry business in a move to get back into the jewelry business.
The company said it would be closing the retail arm of its wholesale business.
Overstock said it was cutting about 6,000 jobs, including the retail business.
It also announced a plan to shut down a small boutique.
Over the weekend, it announced plans to sell its jewelry and accessories business.
“I’ve always said that our goal is to make sure that we continue to deliver quality products that we believe are of great value to our customers, to our shareholders, and to our partners,” said CEO Patrick Byrne.
“It’s a great time for us to be in the jewelry industry and I think that it’s a good time for our shareholders to be able to invest in our growth as we continue our mission of bringing the most innovative jewelry and jewelry accessories products to the world.”
Overstock had planned to close stores in New York, Chicago, Washington, D.C., and San Francisco.
The retail operation was part of a plan by Byrne to expand into other retail segments, such as home decor and kitchenware.
He said that Overstock was investing in a new $50 million manufacturing facility in Virginia.
He also said that the company was closing its online store.
Overstocks’ chief executive officer, Mark Hetzel, said in a statement that the closing was a “natural progression” from the company’s strategy of focusing on its core retail businesses.
“We continue to have tremendous success in the marketplace with over $1 billion in sales and over 1.3 million members,” Hetsel said.
“With our continued focus on our core retail operations, we will focus on the next chapter of our retail strategy, which is our new $500 million manufacturing operation in Virginia, our largest-ever manufacturing facility.”
Over the last year, the company has announced plans for a new headquarters, a $1.4 billion office complex, a major new technology facility and a new distribution center in San Francisco that will double the size of its retail and distribution network.
Byrne said that while the plan to sell the retail businesses would be a natural transition, it would not be a permanent one.
He noted that it was a great opportunity to make some capital investments to accelerate growth in the business.
“Our goal is for us not to be a passive buyer of this business,” Byrne said.
The move is an attempt to return to the business, which had been a major force in the retail market, and will be a major boost for Overstock’s stock.
The announcement that the business would be sold came just hours after another major retailer, Costco, announced it would close its stores.
It had been profitable, but had been struggling with high inventory levels and a drop in orders.
Overstock was also a major player in the apparel and footwear industry, which has been in a steady decline.
It started the jewelry and other jewelry-related businesses in 2012 and has expanded rapidly over the last two years.
Over stock’s plans were announced on Friday.
Byrne has been a big supporter of the apparel industry, and has said that it will become the new “next big thing” for retailers in the coming years.
“Our goal has always been to create a new retail company that would bring together the world of jewelry, jewelry accessories, and the world’s finest jewelry,” Byrne told reporters at a news conference.
“That is why we are announcing this sale.”
The company announced plans last year to create its own retail operations.
Byrne’s decision to sell off some assets was part “of our plan to become a better corporate citizen, one that was able to continue investing in our brand, our business and our business partners,” he said.
Over Stock, Inc. stock rose 7% to $10.75.