Stories

SaveSave story

Behind ModCloth's sale to Walmart

AP Photo/Nick Ut, File

Wal-Mart subsidiary Jet.com last week announced its acquisition of ModCloth, an online retailer of vintage women's apparel. No financial terms were disclosed, but it didn't feel like a success for either ModCloth or the venture capitalists who had invested over $70 million into the business since its founding 15 years earlier. Here's what happened, per sources familiar with the situation: