June 30, 2010 / 11:10 PM / 8 years ago

Amazon to acquire online store Woot

SAN FRANCISCO (Reuters) - Amazon.com Inc said on Wednesday it signed an agreement to acquire online store Woot.com, which sells discounted products and operates an online community, for an undisclosed sum.

Amazon, the largest Web retailer in the world, said the acquisition would sustain the long-term growth of Woot, which says on its website that it “focuses on selling cool stuff cheap.”

The Carrollton, Texas-based company with an irreverent edge offers a new item every day for sale until it is sold out and a new item takes its place.

“Woot to be acquired by Amazon, then left to amuse ourselves,” read the brief statement by Woot on its website. “Holy crap! Woot has signed an agreement with Amazon — yes, the Amazon — to become an independent subsidiary of the ecommerce colossus.

“More details forthcoming after we pick our eyeballs up off of the floor,” the statement read.

The deal is expected to close in the third quarter, Amazon said.

Amazon’s most high-profile acquisition of an online store was its purchase of Zappos.com last year.

“We anticipate profitability by 2043,” Woot says on its website. “By then we should be retired; someone smarter might take over and jack up the prices. Until then, we’re still the lovable scamps we’ve always been.”

Amazon shares closed up 0.6 percent to $109.26 on the Nasdaq.

Reporting by Alexandria Sage; editing by Andre Grenon

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