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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 ]

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