Amid the coronavirus crisis and its impact on the retail industry, today the retail giant, Walmart, quietly announced in its quarterly report that it would be discontinuing Jet.com, the online-only marketplace.
it bought in 2016 for $3 billion as part of its attempts to better compete with rival Amazon online, an area that Amazon excels at compared to Walmart
According to Walmart’s Q1 earnings release, the decision to shut down Jet.com is due to the “continued strength of the Walmart.com brand,” with the company citing the Jet acquisition in 2016 as “critical to accelerating our Omni strategy.”
