Petcetera Files Bankruptcy - It's Official

Myka · #1 06-18-2009, 08:55 PM

Well, it looks like it's official now.

Quote:

Originally Posted by Published: June 17, 2009 4:47 PM

Richmond-based pet store chain Petcetera filed for bankruptcy on Tuesday, and the liquidation sale is expected to commence by the end of this month.

Jim Nelson, spokesperson for PricewaterhouseCoopers—which provides bankruptcy services, among other things—said the liquidation sale could last up to three months.

"We do not have closure dates for specific stores at this time," Nelson said in an e-mail.

Petcetera currently has about 1,500 employees in 45 stores across the country, and was founded in 1997.

In March, the chain filed for creditor protection and commenced a 60-day nationwide inventory sale in an attempt to generate cash flow.

"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," founder, president and CEO Dan Urbani said in March.

But by the end of April, Petcetera closed four of its then 49 locations, in Alberta and Ontario.

Just six weeks ago, Urbani expressed optimism about his chain's future.

"We are optimistic that if our national sale continues to be successful, we may be able to avoid additional closures and continue to serve our customers and their pets at our 45 remaining locations," he said.

bignose · #2 06-20-2009, 08:55 PM

This company had it coming.

whatcaneyedo · #3 06-21-2009, 01:27 AM

They will not be missed. So when is Petco going out of business???

banditpowdercoat · #4 06-21-2009, 04:14 AM

WHOOO, glad to hear it. They gave our hobby a bad rep

AndyL · #5 06-21-2009, 02:49 PM

LOL, stopped by yesterday out of curiosity and seeking a deal of course - I'll stick to my local small retailers... Geeze, even pisces has better pricing day to day than they had as liquidation pricing...

jsmth321 · #6 06-24-2009, 02:24 AM

Quote:

Originally Posted by whatcaneyedo

They will not be missed. So when is Petco going out of business???

Probably not anytime soon. Their owners (2 private equity groups) have pretty deep pockets and they spent 1.8 billion to aquire the company 3 years ago, so I dont see them going away anytime soon. They expect to open their 1,000th store in 2009.

Petsmart's not doing too bad either, in the first quarter '09 profits up, sales are up and revenue is up, they closed the 1st qtr with a 46.3 million US profit on revenue of 1.33 billion US which was up 9%.

StirCrazy · #7 06-24-2009, 02:36 AM

this isn't nessasarly a good thing, although they are not the best for fish, there dry goods for other animals and equipment pricing help keep LFS honest. with out the big box pet stores I would hate to see how much a tank would cost, or filters, media, ect..

Steve

banditpowdercoat · #8 06-24-2009, 02:40 AM

I allways found their stuf WAY over priced.

StirCrazy · #9 06-24-2009, 03:25 AM

Quote:

Originally Posted by banditpowdercoat

I allways found their stuf WAY over priced.

come to the island my friend, they are the cheepest around.

Steve

reef bound · #10 06-24-2009, 04:24 AM

Quote:

Originally Posted by StirCrazy

come to the island my friend, they are the cheepest around.

Steve

I thought you were moving to Kamloops? Still happening? Sorry to hi-jack.