Walmart are set to wind down a digitally-native retailer, which it bought for $3 billion in 2016. The discount giant will cease operating its Jet.com e-commerce subsidiary at an unspecified date.
Walmart announced its intention to shutter Jet.com in a two-sentence statement in its first quarter earnings report: “Due to continued strength of the Walmart.com brand, the company will discontinue Jet.com,” Walmart said. “The acquisition of Jet.com nearly four years ago was critical to accelerating our omni strategy.”
Walmart purchased Jet.com for $3 billion in 2016, one year after the e-tail startup was founded. The acquisition was seen as an attempt to directly compete with Amazon in the pure-play e-commerce market.
