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Petco Park will stay Petco Park through at least the 2027 major league baseball season thanks to a refreshed naming rights deal just inked between the San Diego Padres and local pet supply chain Petco.
Announced Monday, the revised agreement between the hometown baseball club and pet retailer extends by two years a financial relationship that dates to 2003 and initially included a 22-year term. The latest arrangement also recruits Padres’ name-brand players Manny Machado and Fernando Tatis Jr. as social media influencers for Petco.
“We are grateful for our long-standing relationship with Petco and are delighted to extend the length of our partnership at a key inflection point of growth for both organizations,” Padres CEO Erik Greupner said in a statement. “Throughout the years, the Padres and Petco have collaborated on industry-leading initiatives that showcase our collective focus on innovation and family-friendly entertainment, including fun for the four-legged mem
It's the third time Petco has gone public since it was founded in 1965 as a mail-order veterinary supplies business. Both times Petco was bought and taken private, most recently in 2006.
San Diego-based Petco has returned to public ownership. The pet supplier, now listed on the NASDAQ under the symbol "WOOF," sold 48 million shares and is expected to pocket around $816.5 million from its initial public offering.
By The Associated Press
By March 23, Apple had lost $435 billion in market value in about five weeks and many of its retail outlets were shut as the virus pandemic walloped the global economy and stock markets. Meanwhile, a report issued by the National Bureau of Economic Research found that 2% of small businesses surveyed had shut down permanently in March.
On Dec. 30, Apple’s stock market value totaled $2.29 trillion, up 133% since March 23. Meanwhile, Congress has approved nearly $300 billion in additional relief for small businesses, money that many hard-hit owners only hope can help them survive until the pandemic finally eases
The success of Apple and other big technology companies and the struggles of the smallest of businesses is just one example of how the pandemic created winners and losers in the business world in 2020. Wall Street recovered after March; Main Street is still struggling.