A pet toy has multiple molded features assembled in a nested configuration thereby forming separate layers. An embodiment includes an innermost molded layer or shell； an outermost molded layer or shell； and an intermediate layer or shell secured between the inner and outer shells. In another embodiment, the inner and outer shells are made from a flexible, elastomeric material, and the intermediate layer is made from a flexible layer such as a printed sheet material with graphics thereon that enhance the visual appearance of the pet toy. The inner and outer shells are sized such that the inner and outer shells make firm and uniform contact with one another to support and hold the intermediate layer without shifting. The thickness of each layer may be different. A squeaker may be incorporated by housing it within an interior chamber of the pet toy in a suspended position.
