05 Jan Walmart Purchases ShoeBuy for $70 Million
Wal-Mart Stores Inc. is upping the digital ante.
Just four months after the retail giant picked up e-commerce site Jet.com, Walmart said today that it also has snapped up online footwear, clothing and accessories retailer ShoeBuy.
Walmart shelled out $70 million for the 16-year-old Boston-based company and expects the site to operate as a standalone but complementary component to Jet.com.
The company said ShoeBuy CEO Mike Sorabella, his executive team and ShoeBuy’s 200-plus employees will continue to be based in Boston.