Costco Buys Innovel for USD 1 Billion to Ensure Last Mile Distribution

24 March 2020 – Brainsre.news

The intention of the North American chain, which has two stores in Spain (in Sevilla and Getafe), is to increase its online sales of products such as appliances, furniture, mattresses, televisions and exercise equipment.

Costco has purchased the logistics firm Innovel Solutions to cover the last mile of its high-volume product delivery business, particularly in the United States of America and Puerto Rico. The corporate operation has been closed for USD 1 billion dollars (€933 million).

Innovel, which has worked with Costco since 2015, was owned by the operator of Sears, Transform Holdco LLC, and will continue to provide services to Sears and its other existing external customers, explains Reuters. The chain will take on the more than 1,500 Innovel employees, according to a statement issued.

Original Story: Brainsre.news

Translation/Summary: Carmel Drake

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