Petco Creates Employee Relief Fund
Petco is investing $2 million in its new Petco Partner Assistance Fund to provide financial support for employees facing hardship related to the coronavirus (COVID-19). Petco has more than 27,000 partners, according to officials. The program will also be used for future hardship in other times of need.
“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 Ron Coughlin, CEO of Petco, which is based in San Diego. “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 fund will then include additional donations from Petco’s private equity sponsors at CVC Capital Partners, and personal donations from every member of its board of directors and executive leadership team, including Coughlin, officials said.
The Petco Partner Relief Fund, to be administered by E4E Relief, is expected to be open for applications soon.
Specifically, 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, according to officials.
The new fund is in addition to other measures Petco has taken to support partners related to COVID-19, officials noted, including temporarily waiving its standard attendance policy and introducing a new paid “COVID leave” policy for those directly impacted.
Petco Partner Relief Fund details can be found here.