( AMZN) is stepping up its footwear offerings by acquiring online shoe-store

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

A recent rumor was also circulating that Amazon could be eyeing online movie service Netflix.
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