Watch CBS News

Wal-Mart buys outdoor clothes and gear seller Moosejaw

Latest MoneyWatch headlines
Snap IPO could be biggest in years, and other MoneyWatch headlines 01:01

Wal-Mart has acquired the outdoor clothing and gear seller Moosejaw for $51 million as it expands its online offerings.

The cash deal was announced Wednesday. Wal-Mart says Madison Heights, Michigan-based Moosejaw, which is largely online and sells more than 400 brands, will keep operating its site and stores. Its 350-plus employees will stay based in Michigan.

Wal-Mart, which is trying to better compete with online leader Amazon.com, says buying Moosejaw gives it the experience of another well-established e-commerce player with strong industry relationships.

Bentonville, Arkansas-based Wal-Mart also purchased online marketplace Jet.com last year for $3 billion in cash plus $300 million in stock. Wal-Mart’s online sales had been slowing over the past two years but notably accelerated during last year’s third quarter. It reports its fourth-quarter results next week.

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.