The retailer joins the ongoing list of Walmart acquisitions, more recently outdoor online retailer Moosejaw. Wal-Mart Stores Inc., the nation's largest employer, announced today that it plans to create approximately 10,000 retail jobs this year through the opening of 59 new, expanded and relocated Walmart and Sams Club facilities and e-commerce services.
After acquiring Jet.com back in the fall of a year ago, Wal-Mart and Jet.com are reportedly in the process of acquiring Modcloth, according to Anna Merlan from Jezebel.
According to Jezebel, ModCloth employees were told of the future purchase on Wednesday morning during an all-hands meeting with CEO Matthew Kaness.
ModCloth is democratizing women's fashion one vintage-inspired style at a time! So it being sold to Jet.com and owned by Walmart has us wondering what direction the company will go in now. The deal is expected to close Thursday and an announcement is scheduled to be announced Friday.
WOW! I guess we will have to wait and see what happens on this front.
The ModCloth brand has come a long way since founder Susan Gregg Koger started the company from her dorm room in 2002.
Jezebel then noted, "In the recording we heard, employees in the room can be heard laughing in what sounds like disbelief".
ModCloth positions itself as a hip, quirky, independent retailer of "indie-inflected" clothes.
"Growth allows us to reach more women, grow our community, and amplify our message", Koger said. We just hope that company maintains its belief in #StyleForAll because they are so needed in the fashion industry right now. Financial terms were not disclosed, but Walmart said it acquired Modcloth's assets and operations and that the deal has already closed. ModCloth and Jet.com have not yet commented on the news. Some employees of ModCloth have also reportedly expressed concerns about lower pay and poor working conditions after its acquisition by Wal-Mart.