Walmart is selling the Bonobos menswear brand that it acquired six years ago for $75 million.
The sale price, according to a CNN report, is quite a bit lower than Walmart’s $310 million purchase price.
The buyer is WHP Global, a management firm that owns retailer Express Inc. as well as the Toys R Us brand and Anne Klein.
“Bonobos is delivering double-digit sales growth and we plan to continue that momentum while also realizing operating synergies and other economies of scale,” Tim Baxter, Express Inc. CEO, said in a statement.
The deal is expected to be final later this year.
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