Canadian-owned pet food retailer will close an additional 3 of its existing 18 stores and provides customers with discounts of up to 90 per cent on all merchandise in every store as the company restructures. In total 9 stores will be closed and 9 store will be sold.
RICHMOND, BC, May 20, 2014 /CNW/ - Petcetera, Canada's premier pet specialty superstore, announced today that it will close 3 stores in Kamloops BC, Regina SK, and Ottawa ON by June 30th as part of its restructuring plan. The company filed a Notice of Intention to Make a Proposal under the Bankruptcy and Insolvency Act on March 17th, commenced an immediate nationwide inventory sale to generate cash, and previously announced the closure of stores in Abbotsford BC, Penticton BC, Edmonton AB, Saskatoon SK, Niagara Falls ON and Dartmouth NS. Prices have been further discounted to include immediate price reductions on everything in the store with savings of up to 90 per cent on their full range of pet merchandise and even greater discounts in stores to be closed. The company has also sold 9 stores to other pet retailers and inventory will be liquidated in these stores until the sale and purchase agreements close on May 30th.
Petcetera is a 100 per cent Canadian owned and operated. In 2009 Petcetera down sized from 50 stores to 18 stores. The company currently employs over 300 employees in its British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Nova Scotia locations.
As part of its restructuring activities, Petcetera has reviewed all areas of its business including the number and locations of stores operated.
"As we developed our restructuring plan it became evident the only viable options available to us were to either close or sell the stores." said Dan Urbani, president and CEO of Petcetera. "We have now rationalized the prospects of every store and have concluded that our stores in Kamloops, Regina, and Ottawa cannot be sold and will be closed by the end of June. Closing stores is a very difficult decision, but unfortunately this was the only remaining option for these stores. While we have been forced to close 9 stores we are pleased that 9 stores have been sold and will continue operating as pet stores".
The Kamloops BC, Regina SK and Ottawa ON stores currently employ approximately 50 employees and will closed by the end of June following an immediate liquidation of all inventory, fixtures and equipment. All inventory will be liquidated at 25% to 90% discounts.
Based in Richmond, B.C., Petcetera is a 100 per cent Canadian owned and operated private company with over 300 employees and 18 stores across Canada. Founded in 1995, Petcetera is Canada's leading pet superstore that offers pet owners more than 10,000 pet products as well as a full range of pet care services including pet hospitals (Vetcetera), pet grooming, obedience school and doggy daycare centres. Petcetera is committed to giving back to the community through P.A.W.S (Petcetera Animal Welfare Society), which promotes responsible pet ownership and works to reduce cat and dog euthanasia rates.
SOURCE: New Petcetera Retail Ltd
For further information: Richard Kaga, Petcetera, phone: (604) 244-7387 ext. 274, email: firstname.lastname@example.org