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Amazon to buy Whole Foods for $13.7 billion

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Amazon to buy Whole Foods for $13.7 billion

por Lion_Heart » 16/6/2017 23:57

Amazon.com is buying Whole Foods Market in a deal that sent shockwaves through the grocery industry and set analysts speculating about the next move in a huge sector that Amazon has been trying to crack for a decade.


Ángel González By Ángel González
Seattle Times business reporter

Amazon.com is about to give ”whole paycheck” a new meaning.

With its $13.7 billion purchase of Whole Foods Market, the undisputed king of one-click shopping just bought itself a lot of bricks — and a golden ticket into a juicy retail stronghold it has long sought to breach.


The deal sent shockwaves through other major grocers, making shares for Wal-Mart, Kroger and Costco Wholesale tumble. The acquisition, expected to close this year, is more than 10 times larger than what Amazon spent on its next-biggest deal, buying online shoe retailer Zappos in 2009.

FILE – In this March 26, 2005 file photo, a shopper at the Greenmarket at Union Square walks through the market carrying a bag of groceries from the newly opened Whole Foods grocery store on the other side of the square in New York. Online juggernaut Amazon announced Friday, June 16, 2017, that it is buying Whole Foods in a deal valued at about $13.7 billion, including debt. Amazon.com Inc. will pay $42 per share of Whole Foods Market Inc. (AP Photo/Julie Jacobson)
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The purchase gives the e-commerce giant, which has been experimenting with various physical grocery concepts and online food delivery, an instant footprint of 460 high-end brick-and-mortar stores across the U.S., in Canada and in the U.K.

Whole Foods became a household name retailing organic and fresh products, while earning the “whole paycheck” moniker for the lofty prices it charged shoppers. The company has been struggling recently amid stepped-up competition as other retailers, even Costco Wholesale, jumped on the organics bandwagon.

But in the hands of Amazon, Whole Foods could become a potent weapon against archrival Wal-Mart, the world’s largest retailer, which dominates the grocery world and has been stepping up its challenge online.

On Friday, Wal-Mart said it would buy Bonobos, a popular internet apparel retailer; last year, it acquired Amazon competitor Jet.com and appointed that company’s chief executive, Marc Lore, to rev up the Arkansas behemoth’s e-commerce operation.

News of the Amazon-Whole Foods deal pushed Wal-Mart shares down 6.1 percent Friday, while Kroger’s stock tumbled 13.8 percent. Costco shares were down 6.3 percent at $168.65.

In http://www.seattletimes.com
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