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Saks Global Winds Down eCommerce Deal With Amazon
Bankrupt department store company Saks Global is ending its eCommerce partnership with Amazon.
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That’s according to a Friday (Jan. 30) report from Reuters, which noted that the arrangement between the two companies had already been strained when Saks filed for bankruptcy last month, even though the retailer hadn’t specified whether it would exercise its right under Chapter 11 bankruptcy to reject the deal.
Amazon stock (AMZN) heads into earnings week as Saks ends “Saks on Amazon” deal
Saks Global is pulling the plug on its “Saks on Amazon” deal with Amazon.com (AMZN.O), according to a source familiar with the move, as the retailer navigates Chapter 11 bankruptcy. The partnership originated from Amazon’s $475 million investment earlier this year and obligated Saks to shell out at least $900 million over eight years. Amazon’s shares dropped 1.0% to $239.30 on Friday. A company spokesperson noted the luxury store is “adding more luxury brands regularly.” (Investing)
The breakup comes just days before Amazon’s quarterly results, with investors eager to see if those big bets are finally paying off—or just driving up costs. “For those companies where expectations have become very, very lofty, the onus is going to be on them to deliver,” said Jim Baird, chief investment officer at Plante Moran Financial Advisors. Traders are also eyeing the U.S. jobs report set for Feb. 6. (Reuters)
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