49. Petsmart Inc.
In 2018, Petsmart Inc. reported that they were $8 billion in debt, and attempted to restructure the business. There is so much competition out there, namely from its competing pet store, PetCo. There is also the fact that pet supplies are readily available from major retailers like Walmart, Target, and Amazon.com. In April of 2019, Petsmart Inc. announced on Bloomberg that they were taking one of their subsidiaries, Chewy.com, public. They hope that by getting money from investors, they can begin to pay off that $8 billion. However, this is kind of like the old saying of “robbing Peter to pay Paul”. Only time will tell if this strategy can help bring them out of the hole.