Retailer PetSmart is relying on Joele Frank, Wilkinson Brimmer Katcher for PR support as it faces pressure from its two largest shareholders to consider a sale.
"PetSmart welcomes open communications with its shareholders and values constructive input toward the goal of enhancing shareholder value," the company said July 3 in response to a June 23 disclosure by hedge fund Jana Partners that it acquired a 9.9% stake.
April Lenhard is director of IR for the Phoenix-based company. Joele Frank president Matthew Sherman leads the PetSmart account.
Jana said it believes PetSmart shares are undervalued and wants to have discussions with the retailer's board about a sale or other moves.
A second firm, Longview Asset Management, said on July 7 that it has acquired 9% of PetSmart shares, building on a stake that started in 2005. Longview CEO James Star wrote in a letter to PetSmart's board filed with the SEC "now that Jana has raised the possibility of a sale and that prominent brokerage firms have suggested that PetSmart is 'in play,' we believe the board should consider this path…"
Nasdaq-traded PetSmart runs 1,340 stores and posted fiscal 2014 revenues of $6.9B, including lower profits and sales in the fourth quarter.
The Wall Street Journal reported July 7 that some private equity executives have been studying a possible buyout of the company.
GolinHarris handles PetSmart's consumer PR.