Amazon.com Inc (NASDAQ:AMZN) looks to shut down its Amazon Books physical bookstores, Amazon 4-star and Amazon Pop Up shops, Reuters reports. The closures will affect 68 stores across the U.S. and U.K.
The closure dates will vary by location, and Amazon would help affected employees find roles elsewhere in the company. Workers who opt not to stay will get severance packages.
Amazon's physical stores, including Whole Foods and Fresh outlets, reported lower sales in 2021 than in 2018.
Amazon "remains committed" to building long-term physical retail concepts and technologies, citing the recently launched Style stores.
Amazon would also continue to focus on its Amazon Fresh and Whole Foods Market grocery chains Amazon Go convenience stores and embrace the Just Walk Out cashier-less technology.
Price Action: AMZN shares closed higher by 0.6% at $3,041.05 on Wednesday.
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