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.
--The Associated Press