A canine rests exterior a Pet Valu retailer.
Colin McConnell | Toronto Star | Getty Images
Pet Valu has joined the list of retailers completely shuttered throughout the coronavirus pandemic.
The specialty retailer of pet meals and provides mentioned Wednesday that it’s going to wind down operations at its Pennsylvania headquarters and shut all of its 358 shops and warehouses throughout the U.S. It mentioned closing gross sales will start within the subsequent few days.
The pandemic fueled a pet increase throughout the U.S., as Americans appeared for companionship throughout lengthy stays at residence. Animal rescues and breeders noticed a soar within the quantity of pet adoptions and foster mother and father throughout the international well being disaster. That’s led to greater gross sales for some retailers, together with privately owned pet superstores Petco and PetGood, and e-commerce pet retailers Chewy. It’s additionally impressed new companies, such because the addition of curbside pickup at Petco and PetGood and the launch of telehealth service by Chewy.
That pet increase wasn’t sufficient to save Pet Valu, nevertheless. With Wednesday’s announcement, it turns into the newest retailer pushed to the monetary brink by the worldwide well being disaster. A rising list of corporations, together with J.C. Penney, Neiman Marcus, J.Crew, Brooks Brothers and Lucky Brand, have filed for chapter safety this yr. The list contains some corporations which have closed their doorways for good together with off-price store Stein Mart, residence items retailer Pier 1 Imports and division retailer Lord & Taylor.
Jamie Gould, Pet Valu’s just lately appointed chief restructuring officer, mentioned in a information launch that the corporate’s shops “have been significantly impacted by the protracted COVID-19-related restrictions.”
“After a thorough review of all available alternatives, we made the difficult but necessary decision to commence this orderly wind down,” she mentioned.
The firm is owned by non-public fairness agency Roark Capital Group. Markham, Ontario-based Pet Valu Canada is a separate, worthwhile firm and can proceed to function its shops and web site.
In the U.S., Pet Valu shops will keep open till the wind-down is full, however clients can now not place orders on the corporate’s web site.