×
214
Fashion Jobs
TIFFANY & CO
CRM & Marketing Executive
Permanent · Sydney
TIFFANY & CO
Sales Supervisor - Melbourne International Airport
Permanent · Melbourne
CLINIQUE
Clinique - Consultant - Myer Castle Hill- Part Time
Permanent · Sydney
CLINIQUE
Clinique - Consultant - Perth International Airport- Part Time
Permanent · Perth
CLINIQUE
Clinique - Consultant - Myer Chatswood- Part Time
Permanent · Sydney
GLUE STORE CAREERS
Assistant Store Manager
Permanent · MELBOURNE
GLUE STORE CAREERS
Assistant Store Manager
Permanent · MIRANDA
GLUE STORE CAREERS
Assistant Store Manager
Permanent · PARRAMATTA
GLUE STORE CAREERS
Casual Sales Assistants
Permanent · INDOOROOPILLY
GLUE STORE CAREERS
Visual Merchandiser
Permanent · MIRANDA
GLUE STORE CAREERS
Store Manager
Permanent · PARRAMATTA
GLUE STORE CAREERS
Flagship Store Manager
Permanent · CHIPPENDALE
GLUE STORE CAREERS
Visual Merchandiser
Permanent · PARRAMATTA
GLUE STORE CAREERS
Visual Merchandiser
Permanent · BRISBANE CITY
GLUE STORE CAREERS
Assistant Store Manager
Permanent · WOLLONGONG
GLUE STORE CAREERS
Assistant Store Manager
Permanent · INDOOROOPILLY
H&M
E-Commerce Merchandiser – Australia- h&m
Permanent · Sydney
H&M
E-Commerce Visual Merchandiser (Digital Experience) – Australia
Permanent · Sydney
H&M
E-Commerce Visual Merchandiser (Customer Analyst) - Australia
Permanent · Sydney
H&M
E-Commerce Communications Planner- h&m Australia
Permanent · Sydney
COVET SHOES
Fashion Footwear Designer
Freelance · SYDNEY
NONI B
Store Manager - Part Time - Noni b Brandon Park
Permanent · Wheelers Hill

Amazon pauses sellers' loan repayments amid coronavirus

By
Reuters API
Published
Mar 26, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Amazon.com Inc on Wednesday said it temporarily would not require sellers in its marketplace to repay loans it had made to them, as merchants confront the prospect of declining sales during the coronavirus pandemic.


Reuters


The world's largest online retailer notified sellers that its programme known as Amazon Lending would pause repayments beginning Thursday until April 30. Interest would not accrue during that period, it said.

The programme has offered sums between $1,000 and $750,000 to merchants looking for capital to acquire inventory, expand their product lines and advertise on Amazon.

"Loan repayments will restart on May 1, 2020 ... You will have the same number of remaining payments once repayment resumes," Amazon said in a seller message obtained by Reuters.

The company's offer may provide relief to sellers, some of whom could be hard hit by Amazon's recent decision to restrict its U.S. and European fulfilment services to household, medical and other essential goods in demand during the outbreak.

Merchants of popular items from toys to apparel have worried that the temporary ban on stocking goods in Amazon warehouses, on which they depend for delivery, would mean low sales and difficulty paying back loans.

Jamison Philippi, an Amazon seller of toys and video games in Hackensack, New Jersey, had estimated to Reuters his income could drop by 75% just as he had a roughly $3,500 loan payment due to Amazon on April 1.

"That's super awesome. I cheered when I got that email. That relieves a lot of stress right now," Philippi said.

Amazon's move came after at least one rival offered sellers relief.
Ricardo Pero, chief executive of lending company SellersFunding, last week told Reuters he was easing terms to help sellers on Amazon and other marketplaces navigate the rapidly changing retail market.

SellersFunding offers lines of credit and term loans to new and existing borrowers. Both products offer a 90-day interest-only period.

Amazon, which had won customers by continually making shipping faster over the years, has now slowed delivery to weeks in some cases in order to manage a flood of orders. That could also dampen merchants' sales as shoppers look elsewhere for goods.

It was unclear what additional relief Amazon might provide to sellers, if any.
More than 20,000 merchants have gotten loans from Amazon, the company said in 2017. The e-commerce giant said at the time it had doled out more than $1 billion (846.5 million pounds) to sellers in the preceding 12 months.

© Thomson Reuters 2020 All rights reserved.