Pet store Loyal Companion announced this week that it has filed for Chapter 11 bankruptcy and will be closing the majority of its locations nationwide, including local stores at 6900 Arlington Rd. in Bethesda, 235 Kentlands Boulevard in Gaithersburg, 16822 Georgia Avenue in Olney, 1306 East Gude Drive and 1643 Rockville Pike in Rockville, and 10737 Columbia Pike
in Silver Spring. The chain is currently holding liquidation sales and all stores will be closing by February 28. Additional information below:
“To our Loyal Companion community,
With a heavy heart, we want to inform you that we’ve made the tough decision to close our Loyal Companion stores. We have loved serving the community and supporting you on your pet wellness journey.
Our stores will be open through the end of February. We will be offering liquidation discounts and we encourage you to take advantage of these great offers to get all the supplies you need.
While it’s hard to say goodbye, it’s easy to say thank you. Thank you for being part of our family. Thank you for caring about pet wellness. And thank you for supporting your local community.
We’ve enjoyed all the hugs and belly rubs along the way.
~ Your Loyal Companion Team
Independent Pet Partners Files Voluntary Chapter 11 Petitions in U.S. to Facilitate a Balance-Sheet and Operational Restructuring
Independent Pet Partners (“IPP”) announced on February 6, 2023 that the Company and its U.S. subsidiaries have voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. IPP intends to use these proceedings to facilitate an orderly restructuring of all of its Chuck & Don’s®, Loyal Companion®, Kriser’s® and Natural Pawz® store locations and operations.
It is our intent to use these proceedings to reorganize operations and focus on our core markets where we have the strongest foothold. To that end, we will close all stores outside of Colorado, Kansas, Minnesota, Wisconsin, and Illinois, and going-forward, will operate under our Chuck & Don’s and Kriser’s banners. We are confident we can use the chapter 11 process to emerge as a stronger, more focused business, and better able to serve our customers. For those stores that are closing, and for markets we will no longer serve, we will do everything possible to try to find buyers for these locations so our pet parents can continue to be served. Closing stores will start inventory liquidation as early as February 3 continuing into late February.
IPP has filed a number of customary motions with the U.S. Bankruptcy Court seeking authorization to support its operations during the restructuring process, including authority to continue payment of employee wages and certain other relief customary in these circumstances. The companyr equested that the Bankruptcy Court authorize more than $9M in debtor-in-possession (DIP) financing from its existing lenders to help fund and protect its operations during the Chapter 11 process. This incremental liquidity will ensure that suppliers and other business partners/vendors will be paid in a timely manner for authorized goods and services provided during the Chapter 11 process, in accordance with customary terms. The Company has sought authorization from the Court to continue to honor customer gift cards and loyalty member reward vouchers at store locations through February 28, 2023.
Additional information regarding IPP’s Chapter 11 filing as well as court filings and information about the claims process are available at https://omniagentsolutions.com/IPP or by calling the Company’s claims agent, Omni, at 888-729-5581 (toll free, US & Canada) or 747-263-0134 (International calls), or by sending an email to [email protected].
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