PetSmart Announces Largest E-Commerce Acquisition in History
April 21, 2017
Phoenix-based pet retailer PetSmart has announced that it acquired online retailer Chewy Inc. for $3.35 billion. The transaction marks the largest e-commerce acquisition ever, surpassing Wal-Mart’s $3.3 billion deal to obtain Jet last year.
Chewy, the online pet retailer, will continue with CEO Ryan Cohen at the helm, and operate mostly as an independent subsidiary while also expanding its web presence. The deal occurs as pet supply retail continues to thrive thanks to increased pet ownership across the United States.
“We are focused on improving our customers’ experience in-store and online as we continue to execute against our long-term strategic initiatives,” says Michael J. Massey, PetSmart CEO. “Chewy’s high-touch customer e-commerce service model and culture centered around a love of pets is the ideal complement to PetSmart’s store footprint and diverse offerings. Together, PetSmart and Chewy will provide the most convenient customer experience to a wider base of pet parents across every channel.”
PetSmart oversees more than 1,500 stores across North America.
Bebe to Close All Stores by Next Month
April 21, 2017 • Retail
Brisbane, Calif.-based women’s fashion retailer Bebe has announced plans to shutter all of its locations following a string of losses.
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