Rabbit Advocacy Animal Matters
Petcetera announces store closures and a continuation of a nationwide inventory sale
RICHMOND, BC, March 31, 2014 /CNW/ - Petcetera, Canada's premier pet specialty superstore, announced today that it will close stores in Abbotsford, BC and Niagara Falls, ON by April 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 and commenced an immediate nationwide inventory sale to generate cash. Prices have been further discounted to include immediate price reductions on everything in the store with savings of up to 80 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.
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 understand that drastic measures are required in the short term to ensure Petcetera is viable in the future," said Dan Urbani, president and CEO of Petcetera. "We are reviewing all areas of our business and other options available to us, including the closure of unprofitable locations. And while we are extremely pleased with the success of the nationwide inventory sale we have concluded that stores in Abbotsford and Niagara Falls are not viable and will be closed. Unfortunately, we could not rationalize keeping these stores open under any condition."
The Abbotsford, BC and Niagara Falls, ON stores currently employ approximately 20 employees and will close by the end of April 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."