It was! I got that information from a biased source though, I worked with Petco corporate.
The idea is: you operate at a loss to undercut your competitors, in hopes you'll attract long time customers. Eventually, they either ramp up costs, or legitimately have a way to cut down the costs of operations. Usually, it's the latter.
If I remember correctly, most of their money was also spent on marketing, which honestly worked. We'll see how that continues to play out, though.
If you're acting in good faith with this comment, check out the $1T swap coming due on the 15th of December (into a high interest rate environment).
That, coupled with more than 76M stock directly held by retail and enough money to burn for more than 8 years, GME is so far away from a bankruptcy that it is only a matter of time before that original >260% shorts buy-to-close.
Consider DRSing 1 single share for a measly $12 so you can hopefully tell me "I told you so" in the future w/ this comment as proof :).