Amazon.com Inc. (AMZN) said it is running out of popular brands and items, especially in the household staples area, as more people shop on line in the midst of the coronavirus outbreak. In a blog post, the company said it's working with sellers to ensure availability of important items. Delivery times are also being extended, because of the extra demand. "We're also working to ensure that no one artificially raises prices on basic need products during this pandemic and have blocked or removed tens of thousands of items, in line with our long-standing policy," the company wrote in the blog. At its physical stores, the company has imposed additional deep cleaning. All employees who can work from home are being told to do so through the end of the month. Workers who contract COVID-19 are to receive up to two weeks of pay. The company has also set up an Amazon Relief Fund, with a $25 million initial contribution, that will be used to support independent delivery workers and drivers. The company has also created a $5 million Neighborhood Small Business Relief Fund to provide cash grants to Seattle-area small businesses, aimed at those with fewer than 50 employees or less than $7 million in annual revenue. Amazon shares were down 9% premarket, but have gained 4% in the last 12 months, while the S&P 500 has fallen 4%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
March 16, 2020 07:02 ET (11:02 GMT)
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