Rakuten is closing the online shop

Friday 31 July 2020 10:47 CET | News

Japan-based conglomerate Rakuten has pulled the plug on its US online retail store, originally known as, TechCrunch reports.

In addition, it will wind down its operations over the next two months. The shutdown means that the US headquarters will lay off its staff as well. Rakuten clarified that the ‘cash back rewards’ referral business the company operates at – formely Ebates – is not shutting down. Moreover, customers of the Rakuten US store will be able to place orders for the next two months, after which the site will shutter completely. 

Rakuten bought for USD 250 mln back in 2010 in an attempt to expand its retail business out of its stronghold of Japan. However, the evolving market, aggressive growth, and targeting of rivals at Amazon all led to declining business. The original CEO and COO left in 2012.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Rakuten, online shop,, ecommerce, retail
Categories: Payments & Commerce | Ecommerce
Countries: United States
This article is part of category

Payments & Commerce