NEW YORK (TheStreet) -- Brick-and-mortar retailers Staples (SPLS) and RadioShack (RSH) have ended their participation in Amazon Lockers, a program that allows Amazon (AMZN) shoppers to collect online purchases in stores. The partnership was initially expected to increase foot traffic and incremental sales for the retailers, reports Bloomberg.
Judging by the most recent balance sheets, the partnership wasn't as fruitful as hoped for. In the second quarter 2013, RadioShack reported net sales were $845 million, compared to $849 million in the same quarter a year earlier, and gross profit was down from $340 million a year earlier to $314 million. In the same quarter, Staples reported a 2% decrease in company sales from second quarter 2012 to $5.3 billion.
The House Judiciary Committee met yesterday to outline guiding principles for a U.S. Internet sales tax and to ensure retailers have "equal footing".
In a press release, Chairman Bob Goodlatte (R-Va.) said, "The aim of the principles is to provide a starting point for discussion in the House of Representatives." The timeline for the proposal and implementation of any tax-related laws is not yet known.
Speaking with Fortune last year, Amazon CEO Jeff Bezos came out in support of federal legislation to ensure online companies pay sales tax.
Amazon shares are up 0.08% as of 10:15 A.M EST. The stock opened the day at $313.77 compared to the previous trading day's close of $312.03. Overall, Amazon is leading the S&P 500 which is down 0.01%.
TheStreet Ratings team rates Amazon as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation: