Wal-Mart Purchases ShoeBuy For $70 Million

Wal-Mart Stores Inc. announced Thursday that it has purchased ShoeBuy, an IAC/InterActive Corp. property, for about $70 million. ShoeBuy, an online apparel and accessories retailer, was founded in 1999 and is headquartered in Boston. The site will continue to operate as a standalone and complementary site to Jet.com, the e-commerce site that Wal-Mart purchased for $3.3 billion in an August 2016 deal. ShoeBuy's Chief Executive Mike Sorabella, the company's executives and its 200-plus employees will join the Wal-Mart organization, and the site's suppliers will have the option to expand their reach by selling merchandise on Jet.com. Wal-Mart shares are down 0.5% in Thursday trading, but up 9.2% for the past year. The S&P 500 index is up 12.5% for the last 12 months.