Wednesday, March 18, 2020

Costco aims to lift online sales with $1 billion purchase of logistics firm

Seattle Times
Costco announced Tuesday that it has acquired logistics firm Innovel Solutions for $1 billion in cash in a bid to boost the warehouse-club operator’s online sales.

Innovel was a subsidiary of Transform Holdco — which operates Sears and Kmart stores — and provides “final mile” delivery and installation of bulky items such as appliances, furniture and TVs for Sears and other retailers in the United States and Puerto Rico, Costco said. Issaquah-based Costco, with 786 warehouse clubs worldwide, has been an Innovel customer since 2015.. . . more