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How PetSmart Swallowed Chewy - and Proved the Doubters Wrong

PetSmart logo and Chewy logo

Near the end of 2016, sales at PetSmart Inc. stores started sliding.

Executives at BC Partners, which had bought PetSmart in an $8 billion leveraged buyout in 2015, were scratching their heads. Operational improvements they made during their first year of ownership were so successful they had paid themselves a dividend. Why had same-store sales suddenly fallen over a period of only three weeks from flat to down almost 5%?

Read more of the Wall Street Journal's article here.