Amazon has acquired the retail chain Sears for $1bn, the US company announced on Tuesday.
The deal, which also includes Sears’s online business, includes its furniture business and a minority stake in other online retailers.
It will give the online retailer a majority stake in about 2,000 Sears stores and stores in Canada.
Sears, which has about 1,800 stores, operates more than 3,000 stores in the US.
Amazon said it had acquired the Sears property in Canada, as well as the Canadian-owned Canadian Tire chain and its Canada-based subsidiary, Canada Tire.
The combined company will be known as Amazon.com Inc. The purchase is subject to customary closing conditions, which could be negotiated in the coming weeks, Amazon said in a statement.
Amazon has struggled to maintain a healthy profit in recent years and is in a race to acquire more retailers, with a focus on Amazon Prime, the service Amazon offers to its customers that lets them buy a range of items and services, and to create subscription plans.
Amazon’s sales have been hurt by rising competition from rivals such as eBay and the likes of Walmart and Walmart.
But it also has faced criticism for pricing its products aggressively and in low-cost areas, particularly for the Prime service, which allows customers to shop on the go for as little as $25 per month.
Amazon also faces a legal battle with the US government over how it handles cloud storage, where customers can store videos and photos, including music.
Amazon announced the deal in a blog post, saying it would bring “world-class retailing to Canadians” and its employees.
“The retail community has been waiting for the perfect time to take advantage of the tremendous opportunities we have created with our online stores, and this is exactly what we are delivering,” Amazon said.