Petcetera Applying for Bankruptcy Protection
By 250 News
Prince George, B.C. - Petcetera, has announced it 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 tomorrow, the company will institute immediate price reductions of up to 70 per cent on their full range of pet merchandise. it is not clear what will happen with the store in Prince George, as Preident and CEO Dan Urbani says 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," 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 leading retail pet superstore."
Petcetera employs 1,600 people at 49 locations from B.C. to Newfoundland.
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