Daily Briefing

DAILY BRIEFING

July 23, 2009

Online retailer Amazon will acquire shoe seller Zappos

Retail giant Amazon.com Inc. said Wednesday that it would acquire Zappos.com Inc., an online footwear and apparel company, in a deal valued at $807 million in stock. The acquisition would expand Amazon's online empire by about 3 million products. Under the terms of the agreement, Amazon will exchange 10 million shares for all of Zappos' outstanding shares and assume all options and warrants. The stock transaction is worth about $807 million based on the average closing price for the 45 trading days ended July 17, Amazon said. The Zappos management team will keep running the business from its Las Vegas headquarters.

- Los Angeles Times

Avon to eliminate about 1,200 positions by 2013

NEW YORK - Avon Products Inc. said Wednesday that it will eliminate about 1,200 positions, or about 2.8 percent of its overall workforce, by 2013 as part of restructuring efforts amid a recession that has dampened demand for the company's cosmetics.

- Associated Press

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