Amazon announces future plans for loss making Quidsi unit
Online retailer Amazon has announced massive layoffs and other spending cuts at Quidsi, the parent company of diapers.com and other online ventures. As a part of business restructuring decision, Amazon plans to cut 263 jobs at Quidsi. The company operates diapers.com, soaps.com and many other websites.
Amazon acquired diapers.com and other websites in year 2011 for a deal valued at $500 million. Quidsi was found by Marc Lore and the company managed to generate decent business during first few quarters of its launch. Lore is now again competing with Amazon in online retail segment.
Lore also started Jet.com after he sold Quisdi to Amazon. He has sold Jet.com to Wal-Mart recently at $3 billion.
After Amazon announced job cuts at Quidsi, the stock touched record high of $876.44 before closing 2.1 percent higher at $874.32.
Amazon has registered enormous growth in Indian market, its major focus area after the United States. The company has also surprised investors with stellar performance of its cloud computing unit.
In year 2010, Amazon Chief Executive Jeff Bezos said, "I'm not sure which is more unpleasant — changing diapers, paying too much for them, or running out of them. This acquisition brings together two companies who are committed to providing great prices and fast delivery to parents, making one of the chores of being a parent a little easier and less expensive."
Cupertino-based tech giant Apple Inc. on Friday...Read More
Texas health officials are struggling to cope with...Read More
Samsung’s Galaxy S8 and S8 Plus smartphones are...Read More
A series of new tests conducted on lab mice has...Read More
The Los Angeles Police Department (LAPD) will be...Read More
Software giant Microsoft Corp. is reportedly...Read More