According to FasionUnited, Walmart initially acquired Shoes.com for USD 9 million in 2017 and has recently sold it off to private equity company CriticalPoint Capital. Besides, Bare Necessities is also being sold to Israel-based company Delta Galil Industries. However, the details of the transaction have not been made public, as Walmart did not respond for comment.
Moreover, Walmart has plans of restructuring its ecommerce business, being one of the retailers that strives during the COVID-19 pandemic, as the company has seen growth in its ecommerce sales due to consumers that spend more time online shopping. Additionally, Walmart has announced shutting down Jet.com in May 2020.
Overall, although in the past Walmart was taking a major loss from its ecommerce operations, which became a source of tension behind the scenes, the company’s recent Q2 results beat analyst expectations with sales increasing across the board, FashionUnited reported.
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