PetSmart Inc.
PetSmart Inc. is a pet product retailer with more than 1,500 stores across the United States, Puerto Rico, and Canada. The company had to restructure its $8 billion debt problem. Reuters reported that none of it is due to mature before 2022. Its problem also lies in the rise of e-commerce, which offers consumers more convenience and even cheaper prices. However, PetSmart decided to hop the bandwagon buy paying $3.35 billion for Chewy, its very own e-commerce site. That is a very steep price, however!
PetSmart
Payless
In 2017, Payless applied for Chapter 11 bankruptcy protection. On top of that, it let go of employees and shuttered over 600 stores. It was a good thing that it bounced back after reorganization in August 2017. S&P Capital Markets say that nonpayment is still a possibility. While it closed down hundreds of stores, there are still plenty of locations in operation. CEO Paul Jones said this in 2017: “We have accomplished our goals of strengthening our balance sheet and restructuring our debt load, positioning Payless to create substantial value for our stakeholders.”
Payless