Jul 27 2013
Yesterday Amazon began discounting many bestselling hardcover titles between 50% and 65%, levels never seen in the history of Amazon or in the bricks-and-mortar price wars of the past. "It's an open declaration of war against the industry," said Jack McKeown, president of Books & Books Westhampton Beach, Westhampton Beach, N.Y. Like several people familiar with Amazon's move, he speculated that Amazon has been "emboldened" by the Justice Department's victory against five major publishers in the e-book agency model case as well as Wall Street's acceptance of continued losses by Amazon for now in the expectation of retail domination--and major profits--eventually.
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