Walmart To Close Subsidiary Jet.com
Walmart will cease operating its Jet.com 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 Jet.com in its first quarter earnings report: “Due to continued strength of the Walmart.com brand, the company will discontinue Jet.com.”
“The acquisition of Jet.com 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.