YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
Walmart announced it's shutting down Jet.com, four years after the grocery retailer bought the e-commerce site for $3.3 billion.
"Due to continued strength of the Walmart.com brand, the company will discontinue Jet.com," company officials said in its quarterly earnings report. "The acquisition of Jet.com nearly four years ago was critical to accelerating our omni strategy."
Walmart last year announced it would absorb Jet's staff into its operations but keep the site operational.
In the first quarter this year, Walmart reported a 74% increase in U.S. e-commerce sales.
Read more from Business Insider.
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