Saks is Discontinuing its E-commerce Partnership with Amazon.com, Inc. (AMZN)

Amazon.com, Inc. (NASDAQ:AMZN) is among the 12 Best Autonomous Driving Stocks to Buy Right Now.

Saks Global, a bankrupt retailer, is terminating its “Saks on Amazon” deal with Amazon.com, Inc. (NASDAQ:AMZN), according to a source quoted by Reuters on January 31. The ruling comes after Saks invoked its right to reject the deal and filed for Chapter 11 earlier this month. Saks will close the store to concentrate on other areas of expansion. The insider claimed that Saks preferred to drive visitors to Saks.com and that brand participation in the Amazon storefront was limited. The firm stated its luxury site will continue to carry high-end brands, but Saks declined to comment.

The collaboration began in 2024, when the corporation invested $475 million in Saks and required Saks to shell out at least $900 million over eight years. Saks offered its Fifth Avenue flagship as collateral for a $1.75 billion loan, despite having previously supported partnership payments, as stated by Amazon.com, Inc. (NASDAQ:AMZN)’s attorney, who claimed that the relationship had soured following the bankruptcy. Luxury labels also opposed the transaction, citing brand dilution at a court hearing.

Amazon.com, Inc. (NASDAQ:AMZN) is a renowned online retailer and marketplace for third-party sellers.

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Disclosure: None. This article is originally published at Insider Monkey.