Wal-Mart expands online reach with ShoeBuy acquisition

(FILES)Police patrol the front of a Walmart store as shoppers come and go amid heightened security in Paramount, California in this November 23, 2012 file photo. US retail giant Wal-Mart reported May 16, 2013 slightly higher quarterly earnings, but said sales at its US stores declined and pointed to difficulties controlling expenses internationally. Net income in the fiscal first quarter was $3.78 billion, up 1.1 percent from $3.74 billion in the 2012 February-April period. Net income per share rose 4.6 percent to $1.14, a penny below analyst expectations. Revenue also disappointed, rising 1.0 percent to $114.18 billion from $113.0 billion a year ago, missing the $116.42 billion estimate. AFP PHOTO / Frederic J. BROWN / FILESFREDERIC J. BROWN/AFP/Getty Images
–Frederic J. Brown / AFP / Getty Images

BENTONVILLE, Ark. (AP) — The online retailer Jet.com, now owned by Wal-Mart, says it’s acquired the footwear-shopping website ShoeBuy for about $70 million.

The deal, announced Thursday, closed Dec. 30.

Based in Boston, ShoeBuy offers more than 800 brands of shoes, clothing and accessories. Arkansas-based Wal-Mart Stores Inc. says ShoeBuy will continue to operate as a stand-alone website, and ShoeBuy’s current executives and employees will still be based in Boston.

The company says ShoeBuy suppliers will have the option to sell on Jet.com, too. The move is Wal-Mart’s latest push to expand its reach online following last year’s acquisition of Jet.com, which it bought for $3 billion plus $300 million in stock.

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