B.C.-based Petcetera liquidates assets

Petcetera, a national chain of pet supply stores, is going out of business and liquidating its assetsafter almost 12 years of operation.

The Richmond, B.C., company wouldn't comment on the filing late Tuesday, but referred calls to PricewaterhouseCoopers, which handles bankruptcy proceedings.

A PwC spokesman confirmed it was appointed receiver by the courts on Tuesday, and the stores will continue operating until a liquidation sale is held, likely later this month.

The move comes after Petcetera filed a notice in March proposing to obtain creditor protection under the Bankruptcy and Insolvency Act. It cited the recession's impact on the retail industry across Canada.

Last month, the company closed four of its 49 locations, two in Alberta and two Ontario, laying off about 100 of its 1,600 employees. It also slashed prices on products by up to 70 per cent.

Dan Urbani, president and CEO of privately held Petcetera, said in April that he hoped the closures and deep discounts would save enough money to prevent further closures.Urbani founded the company in 1997.