B.C.-based Petcetera files for bankruptcy
Published Tuesday, June 16, 2009 7:34PM PDT
Petcetera, the leading pet supplies superstore in Canada, has gone out of business.
The British Columbia-based company filed for bankruptcy on Tuesday after an unsuccessful restructuring bid.
Petcetera was founded in 1997 in Richmond, B.C. In March, the company revealed that it would seek protection from creditors under the Bankruptcy and Insolvency Act.
"In light of the recession's impact on the Canadian retail industry, we have to take drastic measures in the short term to ensure that Petcetera continues to be viable long after the downturn is over," Petcetera president and CEO Dan Urbani said in March.
But despite several restructuring efforts, including a large inventory liquidation sale, the company was unable to stay afloat.
Forty-five stores across B.C., Newfoundland, and Labrador will be closed and around 1,500 employees will be fired.
SPCA has eye out for Petcetera animals
Petcetera stores were home to hundreds of animals, including fish, rodents, and B.C. SPCA cats.
The B.C. SPCA says it has already transferred the cats back to their shelters but has yet to get through to Petcetera representatives regarding other animals.
"We're trying to get a hold of Petcetera officials to find out what's happening with the rest of their animals and what arrangements they've made for them," B.C. SPCA assistant operations manager Mark Takhar said. "They do have quite a few different types of animals there."
Takhar says the SPCA would be interested in taking in the other animals depending on how many there would be.
"It all depends on how many we would be able to take in ourselves," he said.