Petcetera files for creditor protection, initiates immediate nationwide inventory sale

Canadian-owned pet food retailer provides customers with discounts of up to 75 per cent on all store merchandise as company restructures

RICHMOND, BC, March 17, 2014 /CNW/ - Petcetera, Canada's premier pet specialty superstore, announced today that it is commencing an immediate nationwide inventory sale to generate cash while it files a Notice of Intention to Make a Proposal to obtain creditor protection under the Bankruptcy and Insolvency Act. Starting on Tuesday, March 18 the company will institute immediate price reductions on everything in the store with savings of up to 75 per cent on their full range of pet merchandise.    

Petcetera is a 100 per cent Canadian owned and operated. In 2009 Petcetera down sized from 49 stores to 18 stores. The company currently employs over 300 employees in its British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Nova Scotia locations. 

"Since the opening of the first Petcetera store in 1997, we've provided Canadian families and their pets with quality pet products and services and furthered the animal adoption cause through our P.A.W.S. program," said Dan Urbani, president and CEO of Petcetera. "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."     

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. "Throughout this process, we will provide the same expert advice and wide range of pet products and services that our valued customers have come to expect from Canada's premier retail pet superstore."     

About Petcetera

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 1997, 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: Petcetera

Richard Kaga, Petcetera, phone: [phone] ext. 274, email: [email protected]