In Rare Defeat, Amazon Retreats From Its China Business

Amazon.com said it will no longer host a third-party online marketplace or provide seller services in China at its website Amazon.cn, a rare misfire for the retail behemoth. The retreat suggests the company wasn’t able to gain a foothold in an online market dominated by Chinese rivals Alibaba and JD.com. Amazon said it would instead focus on selling to Chinese consumers through its global stores and its web and Kindle services. Amazon entered the Chinese market over a decade ago, buying a web retailer called Joyo.com for $75 million. At the time, Amazon CEO Jeff Bezos expressed optimism over the company’s entry into what he called “one of the world’s most dynamic markets.” Read more at CBS News.