Petco Invests $2 Million in New Partner Assistance Fund to Support Employees in Need
The Petco Partner Assistance Fund will provide financial support for employees facing financial hardship related to COVID-19 and other times of need
SAN DIEGO, March 22, 2020 /PRNewswire/ -- Petco today launched an employee relief fund to provide ongoing support to Petco's 27,000+ partners as they face the effects of COVID-19 as well as future hardship in other times of need. The new Petco Partner Assistance Fund launched with an initial $2 million investment from Petco, plus additional donations from the company's private equity sponsors at CVC Capital Partners, and personal donations from every member of its Board of Directors and executive leadership team, including CEO Ron Coughlin.
"Now more than ever, our Petco partners are playing an invaluable role in helping to provide vital products and services for pets and families across the U.S. and beyond," said Coughlin. "This is our way of lending a collective helping hand when they may need it most. Whether it's now, related to the unprecedented and still undetermined effects of COVID-19, or other times of need they face, this fund is intended to provide necessary support to the partners who fuel Petco's work to improve the lives of pets, pet parents and our own people every day."
The Petco Partner Relief Fund will be administered by E4E Relief and is open for donations today; partners will be able to apply for support beginning later this week. All donations will go directly to support Petco Partners in need. The fund will provide financial assistance to active Petco Partners, their spouses/domestic partners, dependents, and other household members who are experiencing financial hardship resulting from an emergency, hardship or qualified disaster. Financial assistance will be issued based on application review and funds available to support basic needs for Petco partners, including evacuation or quarantine expenses, housing, utilities, transportation, childcare, insurance deductibles, household contents, medical or funeral expenses or necessary counseling.
The new fund is in addition to other measures Petco has taken to support Partners related to COVID-19, including temporarily waiving its standard attendance policy and introducing a new paid "COVID leave" policy for those directly impacted. For more information on the Petco Partner Assistance Fund or to make a donation, visit petco.e4e.org.
For the latest information from Petco related to COVID-19, visit petco.com/COVID19.
About Petco and the Petco Foundation
Petco is a leading pet specialty retailer with more than 50 years of service to pet parents. Everything we do is guided by our vision for Healthier Pets. Happier People. Better World. We operate more than 1,500 Petco and Unleashed by Petco locations across the U.S., Mexico and Puerto Rico; complete pet care services and veterinary advice through PetCoach; and petco.com. The Petco Foundation, an independent nonprofit organization, has invested more than $250 million since it was created in 1999 to help promote and improve the welfare of companion animals. In conjunction with the Foundation, we work with and support thousands of local animal welfare groups across the country and, through in-store adoption events, help find homes for more than 400,000 animals every year.
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