Fresh from a rally in its share price earlier this week [WAMN: 10-Apr-01], e-tail giant Amazon.com is thought to be on the verge of announcing a deal with fellow bookseller Borders Group.
According to a report on the Wall Street Journal website, Amazon chief executive Jeff Bezos is set to announce an alliance with Borders at a press conference in New York later today.
The partnership is thought to involve Amazon taking over the web activities of Borders, which will to all intents and purposes withdraw from online bookselling. Borders will, it is thought, promote its partner’s website in its stores.
Amazon has been searching for retail partners in both the on and offline worlds for some time, holding talks with electronics chain Best Buy and retail giant Wal-Mart Stores. Borders, on the other hand, has had a less than successful entry into the e-tail sector – its website lost $18.4 million in the year to January 28, 7% more than the year before.
News source: Wall Street Journal