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PetSmart is originally started as Pet Food Warehouse in 1986. The initial two stores opened their doors in 1987 in Phoenix. Jim and Janice Dougherty conceived the idea of a chain of discount pet-food warehouses, and, with the initial financial backing of Phillips-Van Heusen Corporation, incorporated under the name Pacific Coast Distributing in 1986.
Petco went public on the NASDAQ under the stock ticker PETC, in 1994. [20] The initial public offering provided capital for further expansion. [15] From 1990 through 1995, Petco opened between 20 and 50 stores yearly. [9] By 1995, Petco and PetSmart had established themselves as the largest pet food and supply chains in the United States. [21]
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In September 2007, long-time chief executive officer (CEO) Scott Campbell sold his shares of the company to Mars Inc., [14] retired as CEO, and John Payne took over the position, while Campbell remained chairman of the company. [4] [15] [16] PetSmart divested the rest of its MMI stake in 2015. [17]
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The price of milk was $12.69 per gallon, a carton of 18 eggs was $10.79, a 5-pound bag of flour was on sale for $12.99, a regular bag of nacho cheese-flavored chips was $11.29, a 12-pack of soda ...