Walmart sells clothing brand Bonobos for $235 million less than it paid to acquire it in 2017.
Shares of apparel retailer Express Inc. soared more than 20% in extended trading Thursday after announcing a deal to buy menswear brand Bonobos from Walmart Inc. for a fraction of what the mega-retailer paid to acquire it in 2017.
Walmart’s e-commerce expansion turned out to be a flop, and the retail giant has sold off many of its acquisitions in recent years, including ModCloth, Shoes.com, Bare Necessities and specialty retailer Moosejaw. Express is partially owned by WHP, which also owns brands such as Anne Klein, Joseph Abboud and Toys R Us.
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