Petco Health and Wellness Company Inc. to Provide Covid-19 Vaccination Payment for Partners

Rhea-AI Summary

Petco Health and Wellness Company (Nasdaq: WOOF) announced a one-time $75 payment to partners completing a Covid-19 vaccination program. Additionally, for each vaccinated partner, Petco will contribute $25 to the Petco Partner Assistance Fund. Since March 2020, the fund has supported Petco partners with over $1.3 million. The company has invested nearly $23.5 million in additional compensation for partners, including $17 million in appreciation bonuses.

Positive

• Petco's commitment to pay $75 to each partner who gets vaccinated promotes employee health and safety.
• The Petco Partner Assistance Fund has provided over $1.3 million in support since March 2020.
• A total of $23.5 million has been invested in additional compensation for partners, including $17 million in appreciation bonuses.

Negative

• None.

SAN DIEGO, Feb. 10, 2021 /PRNewswire/ -- Petco Health and Wellness Company, Inc. (Nasdaq: WOOF), a complete partner in pet health and wellness, will provide a one-time $75 payment to each partner who completes a Covid-19 vaccination program as it becomes available. For each partner that gets fully vaccinated, Petco will also contribute $25 to the Petco Partner Assistance Fund, which provides assistance to employees experiencing financial hardship.

"As part of our mission to improve the lives of pets, pet parents and our Petco partners, we are committed to protecting the health, safety and well-being of our partners, guests and the communities we serve," said Ron Coughlin, Chairman and CEO of Petco. "We strongly encourage all of our over 26,000 partners to get vaccinated as soon as they are eligible."

Any employee who has already been vaccinated will be eligible for the payment and donation, and Petco will continue to support scheduling flexibility to accommodate vaccination appointments. To further support vaccination efforts, the company is also exploring potential vaccination clinic offerings. 

To date, the Petco Partner Assistance Fund has provided more than $1.3 million in financial support to Petco partners in need since March 2020. The company has invested nearly $23.5 million in additional compensation for every Petco store, distribution center and field partner – including six cycles of COVID-19 appreciation bonuses totaling nearly $17 million – and plans to continue doing so in recognition of the courageous ways they are serving pets and their families in these uncertain times.

For more information, please visit petco.com/covid19.

About Petco, The Health + Wellness Co.
Petco is a category-defining health and wellness company focused on improving the lives of pets, pet parents and our own Petco partners. Since our founding in 1965, we've been trailblazing new standards in pet care, delivering comprehensive wellness solutions through our products and services, and creating communities that deepen the pet-pet parent bond. We operate more than 1,500 Petco locations across the U.S., Mexico and Puerto Rico, including a growing network of more than 100 in-store veterinary hospitals, and offer a complete online resource for pet health and wellness at petco.com and on the Petco app. In tandem with The Petco Foundation, an independent nonprofit organization, we work with and support thousands of local animal welfare groups across the country and, through in-store adoption events, we've helped find homes for more than 6.5 million animals.

Contact:
Ventura Olvera
ventura.olvera@petco.com

 

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SOURCE Petco Health and Wellness Company, Inc.

FAQ

What is the recent announcement by Petco (WOOF) regarding Covid-19 vaccinations?

Petco announced a one-time $75 payment to partners who complete a Covid-19 vaccination program, along with a $25 donation to the Petco Partner Assistance Fund for each vaccinated partner.

How much financial support has the Petco Partner Assistance Fund provided?

The Petco Partner Assistance Fund has provided over $1.3 million in financial assistance to partners in need since March 2020.

What is the total investment Petco has made for partner support during the pandemic?

Petco has invested nearly $23.5 million in additional compensation for partners, which includes $17 million in COVID-19 appreciation bonuses.