Amazon.com (AMZN) will shut down its Daily Deals and Amazon Local service, two units that were launched by the online retailer to compete against Groupon (GRPN) by offering online coupons, the Wall Street Journal reported.
Daily Deals and Amazon Local will stop offering deals on Dec. 18, even though deals that customers acquire through Dec. 18 will be honored after the date, the report added.
The company will also shut down its mobile credit-card processing division on Feb. 1 and stop taking new customers. Amazon has not provided a reason for the closures, the Journal said noting that the company has been tightening its spending recently.
Shares of AMZN were marginally lower in recent trade, inching away from the top end of the 52-week range of $282.25 to $630.72.
