Overstock.com to Donate 100% of Profits from Worldstock Sales to Charity
Thursday, 1 September 2011
Carbonfund.org Note: This press release is reposted from Overstock.com. We are thrilled to partner with the company on carbon-neutral shipping for their Worldstock items. SALT LAKE CITY, May 16, 2011 – Overstock.com, Inc. (shortcut: O.CO) today announced that henceforth all net profits from its Worldstock Fair Trade department will fund charitable and philanthropic projects, including those in the United States, Guatemala, Kenya, Malawi and Nepal. To learn more visit www.overstock.com/Worldstock-Profits. For example, in San Marcos Guatemala, funds from Worldstock have already helped construct an earth bag house, and rain water harvesting tanks (to provide clean water to the orphans). In Kenya, Worldstock profits have built the Fanya Mambo School, a school which provides training in construction to improve the urban landscape. In Malawi, Worldstock funds have been used to construct water towers and a pump house. In Nepal, Worldstock contributions have helped build several new modern English schools. “Worldstock’s mission is to create sustainable livelihoods for artisans around the world by leveraging the internet to introduce their good to the U.S. market. We’re privileged to be able to further support international humanitarian efforts around the world by bringing schools, clinics, drinking water, and sustainable cottage industries to artisan communities globally,” said Overstock.com Chairman and CEO Patrick Byrne. Founded in 2001, Worldstock Fair Trade is Overstock.com’s socially responsible department that distinguishes itself from competitors by returning between 60 and 70 percent of the sales price on each item to the artisans.It allows these artisans to improve their own lives, as well as their educational systems and communities. Today, Worldstock has contacts in over 60 countries including rural areas of the United States. It creates employment opportunities for approximately 10,000 artisans around the world, who provide handcrafted products that are sold on Overstock.com. Through April 30, 2011, Overstock.com has returned more than $67 million to Worldstock’s artisan suppliers. Overstock.com recently announced the debut of carbon-neutral shipping for every purchase made from its Worldstock Fair Trade inventory, at no extra cost to its customers. This sustainability effort is aimed at mitigating the carbon dioxide emissions produced by the trucks delivering items purchased from Worldstock Fair Trade by funding third-party validated carbon reduction projects like reforestation.