The closures include 68 stores across the U.S. and U.K., Amazon said.
Amazon plans to close all locations of its Pop Up, Books and 4-star stores, the company confirmed to CNBC.
Over the years, Amazon has launched an array of brick-and-mortar concepts, from supermarkets to retail stores featuring Amazon-branded electronics and top-selling products on its webstore. But its physical stores unit has noticeably lagged its overall retail business in terms of sales growth.is shutting down all its Amazon Books physical bookstores, as well as its Amazon 4-star and Amazon Pop Up stores, which sold a variety of electronics and other hot items.
The closures affect 68 stores across the U.S. and U.K., Amazon said. Closure dates will vary by location and Amazon will help affected employees find roles elsewhere in the company. Workers who opt not to stay with the company will be given severance, Amazon said.Amazon has gradually launched an array of brick-and-mortar concepts, from supermarkets to retail stores offering Amazon-branded electronics like Fire tablets and Echo smart speakers.
Amazon is trimming its physical retail footprint after coming off its slowest growth rate for any quarter since 2001. Amazon shares are down more than 8% so far this year, and the stock was
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