PetSmart Finds Permanent CEO

Our take: Symancyk charged with turning around brick-and-mortar locations and growing Chewy.com... |

PetSmart has named J.K. Symancyk as its CEO, effective June 11. This ends the retailer’s long search for a chief exec — former CEO and President Michael Massey stepped down in August 2017. Symancyk will join the PetSmart Board of Directors.

Executive Chairman Raymond Svider, a managing partner at leading investor BC Partners, oversaw the company’s operations while the board searched for Massey’s replacement.

At PetSmart, Symancyk will be in charge of turning around the retailer’s brick-and-mortar locations while making Chewy.com into a profitable business.

PetSmart acquired Chewy.com for a reported $3.35 billion in April 2017, but the e-Commerce business’ losses amounted to $61 million despite sales jumping 18% to $650 million in Q4 2017.

PetSmart hoped the Chewy acquisition would make up for sluggish store sales throughout 2017.

Same-store sales for Q4 were down 3.8%, after falling 3% in Q3, 5.3% in Q2 and 5.9% in Q1.

Despite the slower store sales, PetSmart still remains on track to open as many as 60 new stores this year.

The company is strapped with the same issue as many of its privately owned contemporaries — enormous debt, to the tune of approximately $8 billion. As much as $6.25 billion of that debt was taken on...

Read the rest of this story from retailtouchpoints.com...

thumbnail courtesy of retailtouchpoints.com

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