Petcetera officially closing
Petcetera stores in Kamloops and Penticton are among the nine stores closing over the next six weeks.
(JENNIFER STAHN / iNFOnews.ca)
May 20, 2014 - 8:09 AM
THOMPSON-OKANAGAN — There were suspicions and rumours circulating that local stores would be shutting the doors following an announcement in March Petcetera had filed for creditor protection and now we know for sure both Kamloops and Penticton are among the stores to be shut down over the next six weeks.
The company announced Monday the closing of Kamloops, Regina and Ottawa stores, though all stores have been clearing out items since the March announcement as a way to generate cash flow for the company.
“As we developed our restructuring plan it became evident the only viable options available to us were to either close or sell the stores.” said Dan Urbani, president and CEO of Petcetera. “We have now rationalized the prospects of every store and have concluded that our stores in Kamloops, Regina, and Ottawa cannot be sold and will be closed by the end of June. Closing stores is a very difficult decision, but unfortunately this was the only remaining option for these stores.”
The Penticton store will close at the end of May and the Kamloops store at the end of June. They are two of nine stores being shut down while the other nine stores will be sold. In 2009 the company downsized from 50 stores to 18.
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News from © InfoTel News Ltd, 2014