Instacart; Barneys; Amazon

The numbers you need to know today

February 12, 2018

Fresh Funding: Instacart, a same-day grocery delivery service, has raised $200 million in new funding, bringing its valuation to $4.2 billion. According to Reuters, this gives the startup new resources to compete with Amazon, which recently announced it would be testing 2-hour deliveries from Whole Foods Market via its Prime Now service. Whole Foods has been one of Instacart's biggest investors. In fact, the startup signed a multiyear deal with Whole Foods in 2016 to "be the exclusive delivery provider for most of its goods." 

Store Closure: Barneys New York is shutting down its Upper West Side store, which is one of three locations the retailer has in New York City. Retail Dive reports the move is likely due to the company having changed ownership many times, leading to an overwhelming amount of debt. Barneys has been increasingly looking to digital to better target its customers.

Cutting Back: Amazon is laying off hundreds of its corporate employees, The Seattle Times reports. The layoffs are primarily focused on the ecommerce giant's consumer retail business. According to sources, Amazon's "rapid growth left some units over budget and overstaffed."