Walmart is shutting down Jet.com 4 years after buying the company for $3.3 billion
Walmartis shutting down Jet.com, the e-commerce site it acquired for $3.3 billion four years ago.
- Walmart announced plans to absorb Jet staff into its operations last year, and said Jet would remain a standalone site.
- Jet later faced a stream of departures from top leaders.
Walmart said Tuesday that it plans to shut down Jet.com, the e-commerce site it acquired in 2016 for $3.3 billion.
"Due to continued strength of the Walmart.com brand, the company will discontinue Jet.com," the company said in an earnings
After acquiring Jet, Walmart named Jet cofounder Marc Lore as the head of its US e-commerce business.
"This natural progression of integrating an acquisition allows us to fully leverage Walmart's assets for Jet and leverage Jet's talent for Walmart," Lore said in a blog post at the time.
Walmart said it would not cut any jobs during the transition and that Jet would remain a standalone site. In the following months, the company faced a stream of departures from top leaders.
In November, Walmart said it would end Jet's grocery delivery service in New York City.
Walmart also announced Tuesday that its US same-store sales rose 10% in the first quarter and US e-commerce sales grew 74%. Total revenue increased $10.7 billion to $134.6 billion.Read the original article on Business Insider
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