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Petcetera files for creditor protection
Petcetera has started an inventory sale nationwide to generate cash while the Canadian company applies for creditor protection under the Bankruptcy and Insolvency Act.
"Since the restructuring of the company in 2009 we have made every effort possible to profitably maintain our position in the markets we serve.
"Unfortunately, due to the extremely difficult Canadian retail industry and pet supplies segment this has not been possible, and we must now take drastic measures in the short term to ensure that Petcetera is viable in the future," said Dan Urbani, Petcetera CEO and president in a press release.
The sale began March 18 at all locations – including the Abbotsford one on South Fraser Way – with up to 75 per cent off its full range of pet merchandise.
As part of its restructuring activities, Petcetera will review all areas of its business including the number and locations of stores operated. The extent of restructuring will directly depend on the success of the inventory liquidation sale.
"We are facing a formidable challenge and are prepared to make the tough decisions needed to ensure that Petcetera can continue to serve Canadians and their pets for years to come," said Urbani.