PetSmart's dumb debt decisions

PetSmart store with balloons in the air.
Photo by Tibrina Hobson/FilmMagic via Getty Images.

PetSmart reportedly has hired restructuring advisors to help slash its $8 billion-plus debt pile, almost all of which is attributable to the retailer's 2015 buyout by BC Partners.

Bottom line: It's not an emergency — most of the PetSmart notes don't come due for several more years, and restructuring now could take advantage of price discounts that BC hopes are fleeting — but it's the sort of thing that drives private equity critics crazy. And with good reason.