Amazon's 'Treasure Truck' Deal Comes To Screeching Halt

Amazon.com, Inc AMZN will put an end to its "Treasure Truck" deals which gave customers deals-of-the-day via text message.

What Happened: The customers, who signed up for alerts, were informed by Amazon through text message that Tuesday's Treasure Truck would be the last such deal, Axios reported earlier on the development.

"Treasure Truck was a unique way to bring customers exciting deals directly to their neighborhood," an Amazon spokesperson told Benzinga in an emailed statement. "We'll continue to offer customers new deals every day on Amazon.com."

The spokesperson also said that employees who supported the Treasure Truck program will be moved into other roles within Amazon.

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Why It Matters: The retirement of the Treasure Truck comes as tech companies double down on their core offerings and cut products, noted Axios.

Amazon CFO Brian Olsavsky said last week that  the company would take actions to "tighten our belt" by pausing hiring and winding down products and services where it believes "resources are better spent elsewhere."

The program worked by Amazon offering a single product as a "limited-time offer," which was then offered through a fleet of more than 100 vehicles in multiple cities. In August 2020, the pandemic forced Amazon to take the program online, reported GeekWire.

Amazon missed out on third-quarter revenue estimates last week and on Tuesday the company's shares plunged to a 52-week low of $96.51 eroding its trillion-dollar valuation. 

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