PetSmart Inc.
Many consumers are now relying on e-commerce sites since it offers more convenience and occasionally lower prices. PetSmart got hit by this trend as well. After its sales went down, PetSmart bought an e-commerce site called Chewy. However, it set the company back by $3.35 billion and became another burden on its back. As a matter of fact, Reuters said that this is the most expensive e-commerce site!
PetSmart
Payless
In 2017, Payless filed for Chapter 11 bankruptcy protection, laid off many employees, and shut down over 600 stores. The good news is that Payless was able to bounce back after it reorganized in August 2017. Sadly, S&P Capital Markets claims that it is in danger of nonpayment. While the shoe retailer had to shut down hundreds of stores, there are still 3,500 in operation. In 2017, CEO Paul Jones said, “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
