- Bonobos, the online menswear brand, purchased by Walmart two years ago has laid off dozens of employees as the firm struggles with the profitability of its online businesses. Recode reported this past summer that Bonobos, Modcloth, and Eloquii which were purchased under Marc Lore have yet to reach profitability and that status has lead to strife among corporate leadership.
Best Buy has opened its first outlet store which offers discounts on products the retailer has received as returns from customers. As online sales have grown and return policies have become more lax, returns have increased and retailers are looking for methods to increase their profitability. Best Buy’s outlet location does not accept returns on sold items and is only open three days a week.
- Walmart is selling ModCloth, an online women’s apparel site which it acquired in early, to Go Global Retail. It has been reported that the retail giant has had some internal turmoil over the lack of profitability of its ecommerce businesses.
Source: Walmart’s Bonobos fashion brand is laying off staff in a profitability push | Vox
Source: Best Buy Opens Houston outlet to boost return on returns | Houston Chronicle
Source: Walmart to sell online women’s apparel brand ModCloth to Go Global Retail | CNBC
Omni Talk is the retail blog for retailers, written by retailers. Chris Walton and Anne Mezzenga founded Omni Talk in 2017 and have quickly turned it into one of the fastest growing blogs in retail. 