Rabbit Advocacy Animal Matters
Petcetera announces 6 more store closures and a continuation of a nationwide inventory sale
April 28, 2014 CNW Group TD Waterhouse: Markets, News & Commentary
Canadian-owned pet food retailer will close an additional 6 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.
Petcetera, Canada's premier pet specialty superstore, announced today that it will close 6 stores in Penticton BC, Edmonton AB, Calgary AB, Saskatoon SK, Winnipeg MB and Dartmouth NS by May 31(st) 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 17(th), commenced an immediate nationwide inventory sale to generate cash and previously announced the closure of stores in Abbotsford BC and Niagara Falls ON by April 30(th). 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.
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. The extent of restructuring will directly depend on the success of the inventory liquidation sale.
"To develop a viable restructuring plan a thorough review of all options available to us, including the closing or selling of stores was required." said Dan Urbani, president and CEO of Petcetera. "We have rationalized the prospects of every store and have concluded that our stores in Penticton, Edmonton, Saskatoon and Dartmouth are not viable and will be closed by the end of May. And the stores in Calgary and Winnipeg have been tentatively sold to another pet food retailer and will also close at that time. Closing stores is a very difficult decision, but unfortunately these were the only viable options for these stores".
The Penticton BC, Edmonton AB, Calgary AB, Saskatoon SK, Winnipeg MB and Dartmouth NS stores currently employ approximately 100 employees and will close by the end of May following an immediate liquidation of all inventory, fixtures and equipment. All inventory will be liquidated at 25% to 90% discounts.
"We are facing a formidable challenge and will continue 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."
Comment: Petcetera announces 6 more store closures by May 31st as it restructures. Two stores deemed not viable closed last month. This will leave only 10 stores across Canada, and 6 remaining in BC. One of the mistakes that contributed to Petcetera’s failure was its rapid expansion. Additionally, consumers are more knowledgeable nowadays, making ethical decisions when they shop, and boycotting businesses that don’t meet their standards.