Amazon.com buys antique stores for $100 million
Amazon.co.uk announced Wednesday that it had acquired the popular and wildly popular antique stores at Walmart and Best Buy for $10.5 billion.
“It is a tremendous opportunity to create new retail locations that are connected to Amazon Prime,” Amazon chief executive Jeff Bezos said in a statement.
The deal includes a full-line of a combined 4,000 stores and includes the remaining stores from the Amazon Prime stores and the newly acquired Amazon Marketplace store.
More: “We are very excited to expand the Prime membership service to new categories and services that we believe will resonate with consumers,” Bezos said.
Walmart is a major seller of collectibles and is owned by Walmart parent Wal-Mart.
Best Buy has become one of the biggest retailers in the US and one of Amazon’s biggest competitors.
Amazon’s purchase of the two brands is expected to add about 10 million new customers in 2020.
This article originally appeared on The Wall Street Journal.
Follow me on Twitter: @mikeycurtis