Jet founder to jettison 200 jobs from Walmart's ecommerce division
January 30, 2017
Word of the layoffs, reported by Fortune, comes from an internal memo written by Marc Lore, who has led the Walmart (NYSE: WMT) ecommerce business since the company acquired Jet.com, the discount retailer he founded, for $3 billion last August. On January 9, Walmart purchased another ecommerce business, ShoeBuy, for $70 million. The news comes as part of wider plans launched earlier this month for Walmart to cull 1,000 employees.