Petcetera seeking protection from creditors
Published Saturday, March 21, 2009 12:46PM PDT
Canada's leading pet superstore Petcetera is moving to raise cash after revealing that it will seek protection from creditors under the Bankruptcy and Insolvency Act.
Starting today, the Richmond, B.C. company said it is cutting prices on a full range of its pet merchandise by up to 70 per cent.
"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," said Dan Urbani, president and CEO of Petcetera
The 12-year-old company employs 1,600 people at 49 locations in B.C. Newfoundland and Labrador.
As part of its restructuring activities, Petcetera said it will review all areas of its business, including store numbers and locations. The extent of restructuring will depend directly 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 leading retail pet superstore."