Legal >
Last updated on Thursday, December 4, 2014, 10:55 am

Dog Bite

PetSmart Inc., the largest pet store in the country, is about to be washed and groomed by hedge fund tycoon Barry Rosenstein, the founder and managing partner of multibillion-dollar activist investment firm Jana Partners LLC. Jana bought nearly 10 percent of PetSmart in July, making it the company’s largest stockholder, and shortly thereafter issued a letter detailing how and why PetSmart has been driven into the ground. Among the shortcomings, according to Jana, are weak e-commerce, lack of product innovation and inadequate cost management. “We believe that the board bears ultimate responsibility for these failures,” Rosenstein concludes in a July 29 letter to the board. What needs to happen, Rosenstein said, is that PetSmart needs to be sold, a move that “likely offers... [ MORE ]

Archive Search

 

Stock Tracker

Get A Quote

 

Poll

If your company gives out end-of-the-year discretionary, performance-based or profit-sharing bonuses, will this year's bonuses be the same as, or more or less than last year's?

  • More
  • Less
  • The same
  • We don't give year-end bonuses
    View results

Connect

RSS Feeds Twitter Facebook