Pet Valu plans to “wind down” its U.S. operations due to the severe impact from COVID-19.
The specialty retailer of pet food and supplies will close all its 358 stores and warehouses in the U.S., as well as its corporate office in Wayne, Pa., with going-out-of-business sales to start in the coming days. Effective immediately, Pet Valu’s U.S. e-commerce site will no longer accept orders.
The retailer said its stores, which are located in the Northeast and Midwest will remain open during the wind-down process and will accept gift cards and loyalty rewards for purchases.
"The Pet Valu U.S. team is proud to have met the needs of our devoted pet lover customers in the U.S. for more than 25 years,” said Jamie Gould, newly appointed chief restructuring officer, Pet Valu. “However, the company's stores 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."
Pet Valu U.S. licenses its name and contracts for certain services from Pet Valu Canada, which is a separate company based in Markham, Ontario, and which is not impacted by the wind-down. Pet Valu Canada operates approximately 600 stores, franchise locations and e-commerce site.
Pet Valu has retained Malfitano Partners as its restructuring advisor, SB360 Capital Partners, LLC to assist with store closing sales and A&G Realty Partners, LLC to assist on U.S. real estate-related matters.