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Actionable news in WMT: WAL-MART STORES Inc,

Walmart Tacks on Another E-commerce Company in the Hopes of Crushing Amazon

Walmart (WMT) is hell-bent on sticking around and not going the way of Macy's (M) or other brick-and-mortar companies that have fell victim to the burgeoning world of e-commerce and the likes of Amazon (AMZN) .

In its latest move to stay relevant in the world of e-commerce the company announced Thursday, Jan. 5, that it would buy online shoe seller Shoebuy.com from Barry Diller's IAC/InterActiveCorp (IAC) for $70 million.

Shoebuy.com will be added to Wal-Mart's recently acquired e-commerce unit, Jet.com. The acquisition follows Jet's purchase of online furniture retailer Hayneedle for a reported $90 million in February.

Wal-Mart shares ticked up 0.1% to $69.13 in Thursday morning trading, while IAC shares shares rose 0.9% to $68.82.

"Jet will gain the experience of a well-established e-commerce player in the footwear industry, who has transformed the online shopping experience for millions of customers," Wal-Mart said in its statement. "ShoeBuy brings access to a large assortment of products, strong industry relationships, and rich content that will further enhance our...


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