Walmart is shutting down Jet after spending $3 billion on it in 2016
Walmart is shutting down Jet.com, the online shopping site it bought in 2016 for $3 billion.
This news was reported by 'The Verge' on May 19, 2020.
According to Walmart’s Q1 earnings release, the decision to shut down Jet.com is due to the “continued strength of the Walmart.com brand,” with the company citing the Jet acquisition in 2016 as “critical to accelerating our Omni strategy.”
Walmart Inc. is an American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores, headquartered in Bentonville, Arkansas.
Jet.com is an American e-commerce company headquartered in Hoboken, New Jersey.
Walmart’s e-commerce business is up 74 percent compared to Q1 2019, with the company citing increased demand for grocery pickup and delivery services due to the COVID-19 pandemic.