Investors Back GrubHub As Amazon Shuts Down Restaurants Business

Amazon.com, Inc. (NASDAQ: AMZN) is to shut down its Amazon Restaurants business in the U.S, according to Geekwire.

“As of June 24th, we will discontinue the Amazon Restaurants business in the US,” an Amazon spokesperson said in a statement to GeekWire.

In November, Amazon Restaurants shut down its London business, according to TechCrunch.

Shares of the online and mobile food ordering and delivery business GrubHub Inc (NYSE: GRUB) spiked Tuesday as the news of Amazon's move hit the Street.

GrubHub shares were rallying by 7.11 percent to $69.33 at the time of publication Tuesday, while Amazon shares were up 0.59 percent at $1,871.56.

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Photo courtesy of GrubHub.

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