Walmart Inc. WMT, +1.60% is talking to investors and companies about taking over its Jetblack personal shopping service in a potential spinoff that would have the unprofitable venture’s CEO Jenny Fleiss exit, according to people familiar with the matter.
Walmart has been working since at least this summer to spin off Jetblack by raising money from others interested in the business, including a logistics provider and a payments company, these people said.
The retailer has engaged several potential partners including Microsoft Corp MSFT, +1.35% . and United Parcel Service Inc., as well as venture-capital firms, including New Enterprise Associates, some of these people said.
Negotiations are ongoing and it is unclear if those firms will ultimately decide to invest, the people said. The talks are expected to continue for several more weeks and involve other investors, one person said.