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Whole Foods Posts 71 Percent Increase In Quarterly Profits

Source: Justin Sullivan / Getty


(RNN) – Amazon announced Friday it is purchasing grocery store chain Whole Foods, in a deal valued at around $13.7 billion.

Amazon,com Inc will pay $42 a share for Whole Foods Market Inc., an 18 percent premium to the closing price Thursday, the Associated Press reported.

The companies said grocery stores would still operate under the Whole Foods brand. John Mackey will stay on as CEO of Whole Foods, and corporate headquarters will remain in Austin, TX.

For online retailer Amazon, it’s another foray into brick-and-mortar stores – it has opened up eight bookstores across the country within the last two years and plans to add at least five more.

 

READ MORE: Cleveland19.com

Article Courtesy of WOIO Cleveland 19 News

Picture Courtesy of Justin Sullivan and Getty Images

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