News

Amazon to shut bookstores, some other physical shops in turning point

© Reuters. People walk past an Amazon Books retail store in New York City, U.S., February 14, 2019. REUTERS/Brendan McDermid

By Jeffrey Dastin

(Reuters) -Amazon.com Inc on Wednesday told Reuters it plans to close all 68 of its physical book stores, pop up shops and “4-star” stores in the United States and United Kingdom, ending some of its longest-running experiments in physical retail.

The news marks a turning point for a company that started out as an online bookseller, disrupting brick-and-mortar incumbents such as Borders and Barnes & Noble (NYSE:BKS_old), only to open its own physical shops decades later.

Amazon (NASDAQ:AMZN) said physical retail remains an important way for it to reach shoppers and said it will continue to work on other concepts, such as its recently announced fashion store in greater Los Angeles and cashierless grocery stores.

The retailer said it was working to identify new roles within the company for employees at the shops it would close, such as placing them at nearby Amazon store locations. Workers who decide against remaining with the company would receive severance, Amazon said.

The Seattle-based company said closure dates will vary by location and that it will make customers aware via in-store signage.

Exclusive-Amazon to close all of its physical bookstores and ‘4-star’ shops

Disclaimer:Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

Leave a reply

Your email address will not be published.

More in:News