Wal-Mart buys remainder of online retailer Yihaodian after co-founders' departure

Wal-Mart has purchased the remaining 49% of Chinese e-commerce venture Yihaodian, gaining full ownership of the online retailer after its co-founders announced their departure earlier this month, The Wall Street Journal reported. Wal-Mart acquired the remaining Yihaodian shares from financial services group Ping An of China and the co-founders, former Chairman Yu Gang and former CEO Lui Junling. Wal-Mart is eager to link the online retail outfit with its more than 400 brick-and-mortar Chinese stores, where traffic has fallen over the past three years and was down 8.9% last quarter.