Clothes sometimes sell for a steep discount at Bonobos. Thursday night, the company itself sold for a loss.
Walmart has announced that it’s offloading the trendy menswear brand, selling it to management firm WHP Global and retailer Express Inc. for $75 million. That’s a steep loss for Walmart, which acquired the brand in 2017 for $310 million as part of a failed attempt to diversify its online presence under previous management WHP Global is little-known company that owns some recognizable brands, including the Toys “R” Us, Anne Klein and Joe Jeans. Last year, WHP took a 60% stake in Express Inc.
CEO in a statement. Express\n \n shares opened 20% higher Friday. The deal is expected to close later this year. For Walmart, dumping Bonobos means that its tightening its focus on its core retail business in anticipation of a rocky economic environment ahead.
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