Some Amazon sellers say the online retailer's abrupt decision to stop recei...
NEW YORK/LOS ANGELES - Some Amazon sellers say the online retailer’s abrupt decision to stop receiving non-essential inventory in response to the coronavirus pandemic could strangle the sales they need to make payments on their Amazon loans.
A spokesman for Amazon told Reuters on Thursday that the company is working to provide relief to the selling community. He declined to provide specifics. For Jamison Philippi, an Amazon seller based in Hackensack, New Jersey, toys and video games represent 95% of his Amazon business. But those products now are considered “non-essential” so he cannot restock them in Amazon’s warehouses.
“I’m hoping they suspend that for a month and offer a grace period,” said Philippi, who believes Amazon is making decisions that it believes are best for the selling community.Launched in late 2011, Amazon’s lending program makes loans of $1,000 to over $1 million to qualified sellers, and uses seller’s inventory in Amazon warehouses as collateral. Repayment terms are three to 12 months, and interest rates typically range from 6-19.9%.
“The terms of the loan definitely protect Amazon,” said a seller based in New Hampshire, who declined to be named. “At this time I have all of my eggs in the Amazon basket. I owe them more than I owe on my home.” His loan payment is just shy of $40,000 per month on a 12-month $500,000 loan.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Bill Miller: Buy Amazon as coronavirus response could be called 'Amazon Subsidy Act of 2020'For subscribers: Why value investor Bill Miller thinks Amazon is an ideal stock to buy during the market’s steep sell-off. Check out CNBCPro and get your first 30 days free.
Leer más »
Amazon asks shoppers to cooperate with U.S. probe of third-party sellersAmazon.com Inc has started asking customers to cooperate with a Department of Ju...
Leer más »
Coronavirus 2020: Amazon sellers talk about unexpected sales - Business InsiderBrands that sell essentials are increasing their ad spend while those that sell discretionary items like clothing are struggling.
Leer más »
Amazon Prime Pantry delivery service temporarily closed nationwide due to coronavirus demandOverwhelmed by a surge in orders due to the coronavirus outbreak, Amazon has temporarily closed its Prime Pantry delivery service nationwide.
Leer más »
Amazon Prime Pantry service closed temporarily due to coronavirus - Business InsiderAmazon is temporarily closing down its Prime Pantry service after orders spiked due to the coronavirus outbreak.
Leer más »
This Satin Pillowcase Set Has Over 14,000 Five-Star Reviews, and It’s Under $10 on AmazonReviewers rave about how it’s improving their hair and skin
Leer más »