Walmart To Close Subsidiary


Walmart will cease operating its e-commerce subsidiary at an unspecified date. The former bought the latter for $3 billion in 2016, a year after the start-up was founded. Walmart announced its intention to close in its first quarter earnings report: “Due to continued strength of the brand, the company will discontinue”

“The acquisition of nearly four years ago was critical to accelerating our omni strategy,” it said.

The acquisition is being widely perceived as an attempt to directly compete with Amazon in the pure-play e-commerce market.