Petcetera files for creditor protection

Richmond Review
Published: March 20, 2009

Petcetera, the Richmond-based retail pet superstore, is commencing a 60-day nationwide inventory sale to generate cash flow while it files a notice of intention to make a proposal to obtain creditor protection under the Bankruptcy and Insolvency Act.

Starting on Saturday, March 21 the company will institute immediate price reductions of up to 70 per cent on their full range of pet merchandise.

Petcetera is a 100 per cent Canadian owned and operated limited partnership. Since opening its first pet superstore in 1997, the Petcetera chain has grown significantly, employing 1,600 people at 49 locations from British Columbia to Newfoundland and Labrador.

“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.

As part of its restructuring activities, Petcetera 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,” Urbani said.