PetSmart Reviewing Capital Structure

(RTTNews) - Pet supply retailer PetSmart, Inc. (PETM) said Monday that its Board of Directors has been reviewing potential changes to the company's capital structure, with a focus on returning capital to shareholders.

The evaluation is ongoing and is consistent with the company's commitment to driving shareholder value, Phoenix, Arizona-based PetSmart said in a regulatory filing.

There is no assurance any new initiatives will be undertaken, and if so, the amount and timing of any such initiatives, the company said in the filing.

The announcement came after hedge fund Jana Partners LLC on Thursday revealed a 9.9% stake in PetSmart and said it plans to hold discussions with the pet products retailer's board about alternative options, including a possible sale.

Jana had said in a regulatory filing that it planned to have discussions with PetSmart's board and management regarding a review of strategic alternatives, improving operating performance, improving shareholder returns and management and board composition.

PetSmart shares are currently trading at $67.90, up 62 cents.