PetSmart is the largest pet retailer in the United States, but it may not last much longer. With sites like Amazon, PetSmart is having a hard time paying down debt while also making a notable profit. Growing competition may force this retailer to file for bankruptcy. In 2019, PetSmart bought e-commerce competitor Chewy, but that just weakened the company's financial position.
However, PetSmart has since taken steps to improve its financial position. In early 2021, the company refinanced $4.65 billion in debt, which reduced its annual interest expenses and extended the maturity of its debt. PetSmart has also made changes to its business strategy to better compete with online retailers. The company has expanded its e-commerce offerings and implemented curbside pickup and same-day delivery options to improve the customer experience.