The Wall Street Journal
Private-equity firms bought America’s two biggest pet-store owners within months of each other. One spent billions to boost its online business by acquiring the top internet pet retailer. The other focused on getting people back in stores.
About three years later, neither strategy is a clear winner.
PetSmart Inc., which acquired Chewy.com for $3.35 billion in 2017, is struggling to pay down debt as growth has slowed at the e-commerce company. Petco Animal Supplies Inc., which is dedicating more of its stores to grooming and other services customers can’t get online, said it returned to growth in late 2018 after a stretch of declines.. . . more