“The lack of employees made it really hard and stressful to work, because you have to do the workload of extra workers while dealing with the extra people in the store because everybody was stockpiling dog food and coming in to buy animals,” said Daniels. All Petco retail stores remained open throughout the pandemic. Retail worker TJ Daniels, who has worked at Petco in Dillon, Colorado, for about four years saw his hours and workloads significantly increase when the pandemic hit, as several employees were either furloughed, took medical leave, or had to quarantine. Chewy saw their stock price more than double over the course of the coronavirus pandemic.
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Workers say the deal will leave PetSmart with more debt while siphoning $11bn to Wall Street investors by transferring PetSmart’s stake in Chewy to themselves.
The private equity firm that owns PetSmart and Chewy announced plans in October 2020 to split the two companies three years after a merger acquisition. In September 2020, Bloomberg reported the owners of Petco, private equity firm CVC Capital Partners and the Canada Pension Plan Investment Board, are weighing an initial public offering or sale in 2021, with the retail chain’s estimated value at $6bn, including debt.
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