NEW YORK (AP) — PetSmart’s online pet store Chewy is selling its stock in an initial public offering that may revive memories of the days when its breed of internet retailing seemed like a lost cause.
It marks the latest IPO in a parade of unprofitable technology companies trying to persuade investors that they are mining markets that will eventually turn into money makers.
Chewy, which hasn’t been profitable since it was founded in 2011, stands out from the crowd because of its involvement in online pet sales — a niche that turned into a financial wasteland as hundreds of internet companies imploded after raising billions of dollars during the late 1990s.
Pets.com collapsed nearly 19 years ago with the ignominious distinction of leaving behind a sock puppet as its most valuable asset.
