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Borders Bows Out of Online Sales:

April 12, 2001|Associated Press

Borders Group Inc., the nation's second-largest book retailer, said it will eliminate all 70 jobs in the Borders.com operation it is turning over to competitor Amazon.com Inc. The two companies confirmed that Borders was effectively getting out of the online bookselling business by entering into a partnership with Amazon. A new Borders.com Web site, bearing the Amazon as well as the Borders brand, will be launched in August. Both companies declined to comment on specific terms of the agreement. Borders said it will seek other positions for the Borders.com employees. Separately, credit rating agency Moody's Investors Service upgraded its outlook for Amazon.com's junk-rated debt to "positive" from "stable." Amazon.com shares rose $1.31, or 11%, to close at $13.32 on Nasdaq. Borders closed off 7 cents at $16.91 on the New York Stock Exchange.

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