Walmart Is Said To Be In Talks To Acquire Jet.com
Jet.com was born out of a dream of taking on Amazon and its grip on the world of e-commerce. But the online discount retailer may instead be poised for a humbling sale to the biggest traditional store chain around. Jet.com is in talks to sell itself to Walmart, two people briefed on the matter said on Wednesday. The talks are continuing and may not lead to a deal. A Walmart representative declined to comment on the talks, which were reported earlier by The Wall Street Journal. A Jet.com representative also declined to comment. The discussions are an acknowledgment of the tough reality of America’s $350 billion e-commerce market, which has for years been dominated by Amazon. While plenty of competitors — including physical retailers and online start-ups — have tried to take on Amazon with strategies like focusing only on specific niches of the market or having flash sales, none have succeeded. Read more at The New York Times.
