American giant has acquired the second largest retailer in Britain: losses of £500 million.

Acquisition of British retailer

According to The Sun: The second largest online retailer in the UK has become part of an American company after suffering losses of £500 million. This indicates that one of the wealthiest families in Britain has lost yet another part of its business empire.

On Monday, the online retailer The Very Group, which owns Littlewoods.com, confirmed the fact of its acquisition.

“This is a new stage in the company's development, which will allow us to implement innovations and improve our services,” the company's statement says.

The acquisition of The Very Group reflects a change in the retail market, where online sales are becoming increasingly important. The company now hopes for new opportunities for growth and development that can help it overcome the challenges it faced before.