PetSmart exploring potential sale

PetSmart Inc. plans to explore a potential sale of the company, people familiar with the matter told Reuters Tuesday, after several shareholders led by activist investor Jana Partners LLC pressured the pet supply retailer to sell itself.

The company with a market capitalization of nearly $7 billion could announce its intentions as soon as this week.

PetSmart has faced mounting investor pressure at a time when fierce competition from large retailers including Wal-Mart Stores Inc. and Amazon is squeezing specialty stores.

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