Petstock will be getting rid of one of its three stores in Launceston after reaching an agreement with the Australian Competition and Consumer Commission (ACCC).
The ACCC launched an investigation in March into Petstock’s previous acquisitions, including the Animal Tuckerbox store in Launceston, which is now Petstock Launceston Central.
ACCC Chair Gina Cass-Gottlieb said the investigation uncovered potential violations of the Competition and Consumer Act in the acquisition of the store and several others across the country.
“Petstock’s acquisitions removed some of the few remaining chains of specialty pet retail stores that competed against Petstock and Petbarn,” Cass-Gottlieb said.
Both Petstock and Woolworths, which is acquiring a 55% controlling interest in Petstock, have offered court-enforceable undertakings to sell the Launceston central store and several other nationwide to address the competition concerns raised by the ACCC.
As part of the undertaking, Petstock will need to sell off 41 specialty pet retail stores, 25 co-located veterinary hospitals, four brands and two online retail stores.
According to the findings of the investigation, Animal Tuckerbox “had a significant presence” in Tasmania before Petstock’s acquisitions.
Petstock will continue to maintain ownership of Petstock Launceston and Petstock Country Launceston.
