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Discount retailer Overstock.com shipping direct to Bermuda

Shipping to Bermuda: Patrick Byrne, chairman and CEO of Overstock.com

Most US online retailers refuse to ship to Bermuda, but one popular site has added the Island to its list of international shipping destinations just in time for Christmas.Discount retailer Overstock.com is now quoting guaranteed landed prices to Bermuda, including shipping and duty.The CEO’s Bermuda connection may have helped get the Island on the overseas shipping list.Overstock.com chief executive and founder Patrick Byrne is the brother of insurance tycoon Mark Byrne, who is chairman of Haverford (Bermuda) Ltd and co-founder of Flagstone Re. Both brothers formerly ran units of Warren Buffett’s Berkshire Hathaway.Mark Byrne is currently making headlines after lowering his offer for 25 percent of the shares of Omega Insurance.Patrick Byrne made headlines of his own by taking on Wall Street firms, including Goldman Sachs, with his claims that Overstock has been a victim of heavy so-called “naked shorting” that was designed to push down the value of the company’s stock. The stock now trades at under $8 from a high of $76 in 2004. Overstock said a trial is set for March 2012.Salt Lake City, Utah-based Overstock.com was started in 1999. It said its revenue has grown from $1.8 million to more than a $1 billion in 2010.Overstock.com has 960,000 brand-name products for sale on its site, including bedding, home decor, appliances, watches, jewellery, electronics, sporting goods, clothing, shoes, cars, vacations and insurance.A customer service rep said local shoppers can switch to the international version of Overstock.com by clicking the Bermuda flag on the top right of the page and choosing Bermuda on the list of countries.The Island was among a group of countries, including Russia, added within the last couple weeks, she said.The online retailer said it now supports foreign currencies, guaranteed order totals and international shipments for more than 90 countries.But many other websites still don’t ship to Bermuda, including Old Navy and retail giant Walmart.Old Navy does however ship to some Caribbean islands, and Amazon.com ships certain goods to Bermuda.A shipping industry executive told us that most US retailers simply do not like to ship outside the US because of the risk and hassle of international shipping.Each jurisdiction has different customs requirements, invoices, declarations, duty issues, forms/waivers, clearing/power of attorney issues, bond posting requirements etc, the executive said.Residents get around the problem by getting US addresses though local companies such as ZipX and Mailboxes Unlimited’s US Express package forwarding services.