In its second-largest acquisition, Amazon buys the company for $970 million.
On the day before Christmas Eve,
America Online Inc. launched its "Clearance Sale," a new discount shopping center on Shop@AOL that caters to post-holiday online bargain hunters.
AOL's Clearance Sale catalog features products from more than 50 merchants at discounts of up to 70% off regular prices. Clearance Sale features a number of departments, including apparel and jewelry, computing and electronics, food and gourmet, kids and toys and a "bargain bin."
In addition to the catalog, the majority of Shop@AOL's 275 merchant partners will be offering discounts in the days and weeks after Christmas, promoted throughout various areas of the AOL and CompuServe online services and the Digital City.com, Netscape.com and Spinner.com Web sites.
Patrick Gates, AOL's vice president of e-commerce says, "No longer just for brick-and-mortar retailers, the post-holiday shopping rush has spread to the Internet. This year, the majority of e-tailers will offer special clearance items in an effort to even further drive sales and traffic to their sites."