petsmart storefront

PetSmart is putting a proposed recapitalization plan tied to its split from Chewy on hold after struggling to get investors interested, according to Bloomberg.

The $4.65 billion debt sale would have helped the big-box retailer finance its separation from online counterpart Chewy, Bloomberg reported last week.

A group led by private equity firm BC Partners, which acquired PetSmart in 2015, would have led the financing tied to the split. However, despite having established more favorable terms from BC Partners, “buyers were still uneasy with the core purpose of splitting the two companies,” Bloomberg reported.

For more of PPN’s coverage on the pet industry’s top news, read: