Wal-Mart to buy online clothing retailer Bonobos for $310 million

Victor J. Blue | Bloomberg | Getty Images

A man browses at a Bonobos store during the grand opening of the Brookfield Place retail concourse in New York.

Wal-Mart Stores said it would buy online men’s fashion retailer Bonobos for $310 million in cash, the retailer’s fourth e-commerce acquisition in less than a year.

Bonobos’ clothes and accessories will be offered on Wal-Mart’s Jet.com, the company said in a statement.

Wal-Mart’s shares were down about 6 percent at $74.43 in morning trading on Friday, after online rival Amazon.com said it would buy upmarket grocer Whole Foods Market.

The world’s biggest retailer has been working aggressively to close the gap with rival Amazon.com under the leadership of Chief Executive Doug McMillon and new e-commerce chief Marc Lore.