LONDON (Brand Republic) - Retail group the John Lewis Partnership is buying the UK arm of troubled US online retailer Buy.com.
The terms of the deal are not yet known, but John Lewis is expected to release a statement after its general council meeting today.
Buy.com, which sells books, computers and videos, announced last week that it was laying off 25 of its 256 staff and selling its UK operation in an effort to reduce costs. It is also shutting down its Canadian website and focusing on its US operations.
Taking on Buy.com鈥檚 management and technology will speed up John Lewis鈥檚 online expansion. The group recently bought a 40% stake in internet agency Last Mile Solutions, which is launching a grocery delivery service for Waitrose customers this spring. John Lewis hopes to have a wide range of products available on the buy.com site by Christmas.
www.buy.com
www.johnlewis.co.uk