Amazon.com ( AMZN) is stepping up its footwear offerings by acquiring online shoe-store Zappos.com.

The company announced on Wednesday that it will buy Zappos for about $807 million in stock and will pay $40 million in cash and stock to Zappos employees.

The deal is expected to close this fall.

Amazon already operated a shoe and handbag shop under the name Endless.com.

A recent rumor was also circulating that Amazon could be eyeing online movie service Netflix.
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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