Simplify the following text for a Grade 7 native English-speaking person.
Original: Founded in 1997 by Robert Brazell , under the name D2 : Discounts Direct , it was a pioneering online seller of surplus merchandise which , upon its failure in 1999 , was acquired by Patrick M. Byrne and re-launched as Overstock.com .
Simplified: It was started in 1997 by Robert Brazell and originally called D2 : Discounts Direct . It was an online seller of surplus merchandise which , upon its failure in 1999 , was taken over by Patrick M. Byrne , who changed its name to Overstock.com .