![]() ![]() He said in 2016, the Jet.com acquisition was “a jolt of entrepreneurial spirit being injected into Walmart.” The immediate plan was to help Walmart grow online sales and improve shopping experiences. CEO Doug McMillon wanted to lower prices, broaden online assortment and use the company’s store footprint to help drive online sales in a meaningful way. Marc Lore, lead founder of Jet.com, took over ’s operations in late 2016 and while staying in Hoboken, has overseen the growth of, while also gradually unwinding the company he founded. When Walmart acquired Jet.com in August 2016 for $3.3 billion, the deal was viewed as bold and needed to help Walmart up its online game to better compete with Amazon.Īs with any acquisition Walmart makes, the retail giant gathers up the lead talent, and in the Jet.com case, signs them to a contract for enough time to accomplish Walmart’s goals. It took Walmart less than four years to pluck what it needed from Jet.com before discontinuing the business that once was a competitor to Walmart. The Jet.com site was still operational Tuesday, with no messages regarding the closure. Walmart did say most of the positions within Jet.com have already moved under operations and the Hoboken, N.J., office will remain open. ![]() Walmart said Tuesday it will discontinue Jet.com, but the retailer did not note when the site will come down or what will happen to the inventory Jet holds. ![]()
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