Walmart Will Shut Down Jet.com
In 2016, Walmart acquired Jet.com for $3 billion. Now, having integrated the Jet.com team into its own, Walmart is discontinuing Jet entirely. Analysts say that the coronavirus and the stresses it has added to the retail business are partially responsible for the sudden move.
Of course, with the benefit of hindsight, there were a few signs that Jet.com was not long for the world of Walmart. Besides integrating its team, Walmart also discontinued the unprofitable Jet experiment Jet Black just last year.
“Due to continued strength of the Walmart.com brand, the company will discontinue Jet.com,” the company said in a short statement. “The acquisition of Jet.com nearly four years ago was critical to accelerating our omni strategy.”