In its second-largest acquisition, Amazon buys the company for $970 million.
The retailer investigates why a holiday promotion went wrong this weekend.
Sears Holdings Corp. is trying to figure out why a promotion for Christmas items turned into a 50% discount for online gift cards over the weekend.
The promotion that offered half off on holiday-themed items bought online, and which was e-mailed to consumers, somehow resulted in 50% price cuts for online gift cards for a few hours Sunday, a Sears spokeswoman says. She adds that the retailer was looking into the technical reasons for the problem.
The spokeswoman would not say how many consumers bought the cheaper gift cards, or how many shoppers received the original offer. Nor would she say if consumers who bought the gift cards at 50% would be able to redeem them. “We will continue to investigate the matter,” she says.
Sears is No. 8 in the Internet Retailer Top 500 Guide.