BENTONVILLE (KFSM) — Walmart has called “time’s up” on Jet.com roughly three years since acquiring the e-commerce startup and the service founder Marc Lore for $3.3 billion.
Walmart has tried to figure out the best play for Jet.com and last year said the business would focus on densely populated urban markets like New York City and San Francisco.
The Bentonville-based retailer moved Wednesday (June 12) to begin integrating the two businesses into one. Jet.com will continue to operate, but will be managed by Walmart.com.
The direction of Jet.com will likely change as CEO Simon Belsham is exiting the company in early August.
The Jet team will report to Kieran Shanahan, who will continue to oversee the Food, Consumables and Health and Wellness Categories for Walmart eCommerce.
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