License Global
May 20, 2020
Even with e-commerce sales spiking amid the COVID-19 pandemic, Walmart has decided to shutter its Jet.com unit.
Walmart says its costs for making stores safer during the pandemic exploded due to the viral outbreak, causing the need to cut spending. The retailer paid $755 million in special cash bonuses to hourly associates as well as accelerated payments of $170 million in a regular bonus program.
The decision to nix Jet comes on the heels of the news that the pandemic pushed digital sales up by 74 percent.
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