Seattle retailer Inc. pauses merchant loan repayment amid coronavirus

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Seattle retailer Inc. pauses merchant loan repayment amid coronavirus

On Wednesday, the 25th of March 2020, the Seattle, Washington-based world’s largest online retailer Inc. of American billionaire entrepreneur Jeff Bezos, the world’s richest man on record with a net asset worth of $113.9 billion as February 29th, had issued a statement saying that the retailing industry megalith had temporarily halted its sellers’ loan repayment, as thousands of Inc.

merchants across the world had been bracing for a sharp decline in sales amid coronavirus pandemic. In point of fact, latest move from the Seattle retailer came forth days after it had halted deliveries of non-essential goods in to Europe and had stopped storing non-essential goods at its warehouses to free up space, as millions of people across the world who had been under steep lockdown to slow down the spread of the coronavirus pandemic had been swarming for deliveries of essential goods such as foods and medicines.

Besides, as of December 31st, 2019, Inc.’s sellers’ loan stood at $863 million according to a company filing, while the terms of Amazon’s debts usually range between 3 months to 12 months with interest rates between 6 per cent to 19.9 per cent.

However, adding that that the Inc. merchants would not need to repay their loans until April 30th and no interests would be added for the timeframe, Amazon said in a message sent to its sellers on Wednesday (March 25th) seen by a press agency reporter, “Loan repayments will restart on May 1, 2020 ... You will have the same number of remaining payments once repayment resumes.