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PetSmart to consider selling itself after pressure from investors, announces plans cost cuts

PetSmart says it is considering putting itself up for sale after receiving pressure from investors.

The pet supply chain said Tuesday that it will weigh "strategic alternatives" after a board review that included conversations with shareholders.

Investment firm Longview Asset Management and hedge fund Jana Partners have both pushed PetSmart to think about a sale.

The company also says it plans to cut costs and is focusing on pet food, exclusive brands and services, online shoppers and a loyalty program.

The Phoenix-based company in May cut its earnings outlook for the year, citing a challenging consumer environment and competition.

PetSmart said Tuesday that its second-quarter earnings rose 5.1 percent to $98.1 million, or 98 cents per share, while revenue rose 1.4 percent to $1.73 billion. It left its guidance unchanged.