Petco Closing Locations Nationwide Amid Declining Revenue

Petco has announced that they will be closing locations nationwide as part of their process to revive the brand’s earnings.

According to Petco’s Q2 earnings report, their year-to-year revenue is down, and they are looking to close 25 underperforming locations nationwide.

The exact locations of those store closures are not listed, but it can be any one of their more than1,300 American locations.

The good news for pet owners, and loyal Petco fans, is that the chain isn’t going anywhere and is just looking to trim the fat.

Petco CEO Joel Anderson says, “The first half of this year established a solid foundation for our transformation as we continued to strengthen our economic model and improve retail operating fundamentals.”

With any major chain, there will be some uncertainties that they will possibly have to endure.

The earnings report listed some of those risks and uncertainties as:

• Increased competition.
• Reduced consumer demand.
• Finding and retaining good employees.
• Inflation and the impact of tariffs.
• Failure to manage costs.

There is no report available on how many of the 25 locations have already been shuttered and how many are left on the chopping block, but all 25 underperforming locations will be gone by year’s end.

Where Was the First Petco Located?

The first brick and mortar Petco waslocated in La Mesa, Calif. It opened in 1976.

What Does Petco Stand For?

It actually doesn’t stand for anything, but it has been shortened. The company’s original name was Petco Animal Supplies, shortened to just Petco in 1976.