Rakuten is shutting down its online shopping site (formerly Buy.com)
International ecommerce giant Rakuten will be discontinuing its online retail service in the United States, with the shutdown occurring over the next 2 months.
Rakuten originally purchased Buy.com in 2010 for over $250 million as an effort to expand internationally. However, the company's decision to rename it from the iconic Buy.com to the parent company's original name proved to be too much of a self-inflicted wound, especially in the face of Amazon's international domination. Rakuten Marketplace is the latest online store in the U.S. to be discontinued this year following the closure of Jet.com back in June.
Rakuten is aiming to fully shut down its Marketplace online shop by the end of September 2020, with 87 of its employees that oversee its operations being laid off as well. Rakuten Rewards will continue as a successor to Ebates since the brand has been phased out in 2019.
Further coverage: TechCrunch
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