US Treasury Secretary Steven Mnuchin said he supports the Justice Department's efforts to engage with Amazon because the technology giant "destroyed the retail industry."
"They have destroyed the retail industry in the United States, so there is no doubt that they have limited competition," Mnuchin said during an interview with CNBC. "There are areas where they have really hurt small businesses."
(Jeff Bezos, founder and CEO of Amazon, owns The Washington Post .)
One day, Mnuchin made the comments After the Justice Department had announced a comprehensive antitrust review of "market-leading online platforms "an unprecedented investigation that could reinforce the demand for separation from Amazon, Facebook and Google.
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According to Amazon spokeswoman Jodi Seth, the company's retail sales account for less than 4 percent of US retail sales and less than 1
"Small and medium businesses are thriving with Amazon," she said in an email. "Today, independent sellers account for more than 58 percent of Amazon's physical gross sales, and their sales grew twice as fast as our own in 2018, reaching $ 160 billion (NZ $ 239 billion)."
The company added that "the vast majority of retail sales – 90 percent – are still in brick-and-mortar stores, according to the US Census Bureau." to free the retailer of billions of dollars when he went bankrupt. Sears, the more than a century-old American icon, filed for bankruptcy last year after losses during private equity ownership had increased for years.