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


© Reuters. On February 14, 2019, people walk by an Amazon Books store in New York City. REUTERS/Brendan McDermid

By Jeffrey Dastin

(Reuters] Inc said Wednesday to Reuters that it would close all 68 of the physical book stores and pop up stores. It also plans to end its long-running experiment 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:), only to open its own physical shops decades later.

Amazon (NASDAQ) stated that physical retail is still a key way to its customers and will work to develop other concepts such as the recently launched fashion store in Greater Los Angeles, and cashierless grocery shops.

Amazon said that the retailer was looking for new jobs within its company to fill the shops it will close. This could include placing employees in nearby Amazon Stores. Amazon announced that employees who leave would be given severance.

According to the Seattle-based firm, closures will differ by area and customers will be notified via signage in stores.

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