A dog relaxes outside a pet gourmet store.
Colin McConnell | Toronto Star | Getty Images
Pet Valu joins the list of permanently closed retailers during the coronovirus epidemic.
The specialty retailer of pet food and supplies said on Wednesday that it would cease operations at its Pennsylvania headquarters and close all 358 stores and warehouses in the US. It was said that the sale would be closed in the next few days.
The epidemic caused a pet boom across America, as Americans seek companionship during their long stay at home. Animal rescues and breeders saw an increase in the number of pet adoptions and foster parents during the global health crisis. This led to higher sales for some retailers, including privately owned pet superstores Petco and PetSmart, and e-commerce pet retailers Chevy. It is also inspired by new services, such as curbside pickup at Petco and PetSmart and the introduction of telehealth services by Chevy.
However the domesticated Valu was not enough to save the domesticated Valu. With Wednesday’s announcement, it becomes the latest retailer pushed to the financial brink by the global health crisis. Jessie Penny, Neiman Marcus, J. A growing list of companies including Crew, Brooks Brothers and Lucky Brand have filed for bankruptcy protection this year. The list includes some companies that have closed their doors for good, including off-price shop Stein Mart, home goods retailer Pier 1 Imports and department store Lord & Taylor.
Jamie Gould, Pet Valu’s recently appointed chief restructuring officer, said in a news release that the company’s stores were “heavily affected by the long-standing COVID-19-related restrictions.”
“After an in-depth review of all available options, we made the difficult but necessary decision to start this sorted air,” she said.
The company is owned by private equity firm Roark Capital Group. Markham, Ontario-based Pet Valu Canada is a separate, profitable company and will continue to operate its stores and website.
In the US, Pet Valu stores will remain open until the wind-down is complete, but customers can no longer place orders on the company’s website.