NEW YORK, NY / ACCESSWIRE / December 10, 2018 / Walmart announces that it will acquire the assets of the world’s biggest online retailer of art and wall décor, Art.com, while Coca Cola loses its Chairman Muhtar Kent. Kent will retire and in his place CEO James Quincey will assume his role.
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Walmart Inc. shares were down 1.67% on Friday with nearly 8.5 million shares traded. It was last Thursday that the big box retailer announced that it plans to acquire the assets of online wall décor retailer Art.com for an undisclosed amount. The deal is expected to close early next year. Art.com is the world’s largest online retailer in the art and wall décor category. Walmart stated, "We plan to operate the assets of Art.com as a standalone and complementary site – and then add their wide-ranging assortment to Walmart.com, Jet.com, and Hayneedle.com. This announcement is just another example of how we’re establishing Walmart.com as a specialty retail destination for the home – giving customers the inspiration and confidence to make a beautiful home possible for everyone. I’m so excited to welcome Art.com as a part of that mission."
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The Coca-Cola Company shares were down minimally in the red on Friday with around 15.5 million shares traded. The beverage giant's outgoing Chairman Muhtar Kent said the phrase "declining soda sales" is wrong because sparkling beverages, including water, are growing. “The whole concept of declining soda sales — I think it’s wrong to think that as a phrase itself and to keep it ingrained in our heads,” Kent told CNBC’s Sara Eisen last Friday. “I think that the U.S. consumer, from a transactions point of view, is increasing its transactions of sparkling drinks,” he said. Kent is retiring next year and current CEO James Quincey will take on his role. “One of the most important jobs of a chairman is to ensure that a strong leadership succession plan is in place,” Kent said. “I’m delighted that the board has elected James as chairman. He is the right leader to take the Coca-Cola system to the next level and through the next decade.” Shares of Coca Cola are up almost 7% this year so far.
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