Walmart announced on Wednesday its acquisition of online outdoor retailer Moosejaw, according to a press release. The $51 million deal entails Moosejaw continuing operations and being a standalone, complementary brand.
Retail giant Walmart announced in a press release last February 15, Wednesday, its acquisition of online outdoor retailer Moosejaw. The acquisition closed on February 13, Monday.
Walmart bought the outdoor brand for $51 million, reports Time. Furthermore, the press release revealed the deal that was cut between the two parties.
Moosejaw will continue to run its many stores and will stand as a complementary brand to Walmart's other e-commerce sites such as Jet.com. In addition, its more than 350 employees and CEO Eoin Comerford will continue to be based in Michigan.
Walmart says that the acquisition gives Moosejaw suppliers the opportunity to expand its customer reach in the form of Walmart's other online sites. It also says that it gains the experience of "another well-established e-commerce player, this time in the active outdoor category." Moosejaw has a diverse product offering of outdoor activities such as hiking, biking, camping, and more.
According to abc7, the purchase will also let the retailer compete with another online giant by the name of Amazon.com. The news site writes that Walmart bought Jet.com, another online store, for $3 billion in cash and $300 million in stocks last year.
Its online revenues have slowed over the previous two years and have only begun to improve in the third quarter of 2016. It is yet to be seen whether or not the Moosejaw acquisition will improve Walmart's e-commerce performance and presence.
Moosejaw, which was founded in 1992 and has its headquarters in Michigan, is a leading online outdoor retailer and has 10 brick-and-mortar stores. It carries 400-plus brands such as The North Face and Patagonia.
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