Facebook has bought Kohls, a luxury goods retailer.
The social media giant said the deal will expand Kohls’ reach in Asia.
Facebook has also bought a majority stake in Kmart, a popular department store chain in the US, and has sold its stake in American Home Depot.
Facebook has also sold its interest in fashion retailer ZumieZ, which has about 15,000 employees worldwide.
The deal, which was announced Wednesday, is worth $15.6 billion, according to the Wall Street Journal.
Kohl’s, which also owns Target, has struggled in recent years.
Last year, it reported its first loss in nine years, and its shares fell as much as 22 per cent.
(Reuters) (AP) Kohls has struggled to build a presence in Asia, as a result of its struggle with the recession and low sales.
Kohls has lost a lot of business to retailers including Amazon, Sears and JC Penney, which have recently expanded into Asia.
In the US in the last three years, Kohls sales have fallen 2 per cent, according a report from IDC.