Petsmart.com, the online unit of the bricks-and-mortar pet products retailer Petsmart, withdrew its planned $115 million initial public offering, citing unfavorable market conditions, according to a filing the company made with the Securities and Exchange Commission. The company had planned to trade its shares on Nasdaq with the symbol "PSCM" but did not set how many shares it would offer or the estimated price range since filing its preliminary prospectus in February. In recent weeks, parent company Petsmart had warned that it expected to report lower-than-expected results for the third quarter, which ended Oct. 29. In November, Petsmart announced it was investing $30 million into the Web site and increased its ownership of the Internet company to 81 percent, from a minority share of 48 percent.
Copyright December 2000, Crain Communications Inc.