Petcetera Files Bankruptcy - It's Official

[Myka]

Well, it looks like it's official now.

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.