|
Amazon slashes U.K. prices
|
 |
June 9, 1999: 3:27 a.m. ET
European price war begins; 50% cuts on bestsellers, to be matched by rivals
|
LONDON (CNNfn) - Online bookseller Amazon.com increased pressure on the fledgling U.K. market with by slashing prices on bestsellers in half Wednesday.
Arch-rival BOL.com plans to follow suit, according to a report in The Wall Street Journal. The cuts come in the wake of news that the U.K.'s leading conventional book retailer, WH Smith, is discounting its top 20 selling hardbacks by 50 percent in its stores.
Simon Murdoch, managing director of Amazon.com's U.K. arm, told the Financial Times that its move was part of a "long-term pricing strategy" rather than a one-off promotion.
The United Kingdom is by far the most developed online retail market in Europe and Amazon.com's decision brings its U.K. operation into line with announced price cuts in the United States.
BOL.com, which operates in six European countries, said it would announce its new prices by the end of the week, the Financial Times reported.
Amazon.com (AMZN) stock closed down 5-3/16 at 111-9/16 Tuesday.
|
|
|
|
|
 |
|
.
