Petcetra Bankrupt!!

mseepman · #1 03-21-2009, 03:17 PM

Hmm...never happy to see people out of work or a Canadian company go down. The most local store for me (Kelowna) never really carried SW and otherwise the store seemed reasonably clean and far better than the local Walmart for how they treat their FW fish.

We can't really count this chain as gone...they only declared chapter 11...so they are still going to try to make a run of it....maybe just a smaller run.

Ephraim · #2 03-21-2009, 04:25 PM

I doubt they will be able to make even a small run at it, they are in debt to thier suppliers over 25 mil(no way they can generate a decent portion of that with this 60 day liquidation). They were put on a cash only basis by pretty much every wholesaler over a year ago when they stopped paying thier bills. Hell they werent even keeping up the rent payments on many of the stores, thats why the Poco location closed recently.

Thier only chance is a bailout or buyout by someone else in the industry. Truth be told, as much as they are in debt they are quite valuable to some of thier suppliers who stand to lose over 40 stores that were purchasing product from them.

Zoaelite · #3 03-21-2009, 04:41 PM

Quote:

Originally Posted by Ephraim

I doubt they will be able to make even a small run at it, they are in debt to thier suppliers over 25 mil(no way they can generate a decent portion of that with this 60 day liquidation). They were put on a cash only basis by pretty much every wholesaler over a year ago when they stopped paying thier bills. Hell they werent even keeping up the rent payments on many of the stores, thats why the Poco location closed recently.

Thier only chance is a bailout or buyout by someone else in the industry. Truth be told, as much as they are in debt they are quite valuable to some of thier suppliers who stand to lose over 40 stores that were purchasing product from them.

Great, all we need now is 40 PetCetera locations owned by Hagen

. Add insult to injury why don't ya?
Levi

Ephraim · #4 03-21-2009, 04:54 PM

Quote:

Originally Posted by zoaElite

Great, all we need now is 40 PetCetera locations owned by Hagen

. Add insult to injury why don't ya?
Levi

You hit the nail on the head, that is the exact rumor that I am hearing right now. They are in deep with hagen for 1.95 mil.

DBM · #5 03-21-2009, 05:49 PM

Quote:

Originally Posted by Ephraim

You hit the nail on the head, that is the exact rumor that I am hearing right now. They are in deep with hagen for 1.95 mil.

Can't see Hagen picking them up. Hagen knows how to run a business, why pick up a company that can't come even close to turning a profit, and is so poorly structured?

Zoaelite · #6 03-21-2009, 07:17 PM

Quote:

Originally Posted by DBM

Can't see Hagen picking them up. Hagen knows how to run a business, why pick up a company that can't come even close to turning a profit, and is so poorly structured?

You would be suprised, Hagen owns a STUPID amount of Petcetera already through shares in the company. Appx 80% of the product they sell in there locations is Hagen (From Nutrience to ExoTerra). A complete take over would have Hagen taking a retail step into the pet buisness, this should be fun to watch.
Levi

digital-audiophile · #7 03-21-2009, 07:18 PM

I was in this morning. Basically everything is just 20% with a few higher discounts here and there. Got some food and litter for the kitty.. we also picked up a bigger bird cage.. they were 50% off so not a bad deal.