(NEXSTAR) – Roughly six dozen pet stores across 17 states are expected to close in the coming months in an attempt to restructure the business.
Tractor Supply announced in June that it would close about 75 of its more than 200 Petsense stores. In an earnings call, CEO Hal Lawton said Tractor Supply is focusing on directing "resources towards higher growth, higher return opportunities," CoStar reported. Lawton added that the Petsense stores set to close had reported negative cash flow.
"After that, we think we'll have a very strong, profitable Petsense business. It will work well with the broader pet ecosystem that we're building," he said.
At the time, the Petsense locations designated for closure were not available. That has since changed, as investment firm Gordon Brothers has listed more than 70 Petsense stores as available for lease. Gordon Brothers was also involved in Big Lots' bankruptcy.
Raising Cane's to open several new locations in August, with even more on the way
#stores #close
Tractor Supply announced in June that it would close about 75 of its more than 200 Petsense stores. In an earnings call, CEO Hal Lawton said Tractor Supply is focusing on directing "resources towards higher growth, higher return opportunities," CoStar reported. Lawton added that the Petsense stores set to close had reported negative cash flow.
"After that, we think we'll have a very strong, profitable Petsense business. It will work well with the broader pet ecosystem that we're building," he said.
At the time, the Petsense locations designated for closure were not available. That has since changed, as investment firm Gordon Brothers has listed more than 70 Petsense stores as available for lease. Gordon Brothers was also involved in Big Lots' bankruptcy.
Raising Cane's to open several new locations in August, with even more on the way
#stores #close
3 months ago
