Another popular retailer becomes the latest victim of the “retail apocalypse” as it files for bankruptcy and closes 53 stores

RETAILERS across the US were forced to close following a surge in online sales, the fallout from the coronavirus and rising inflation.

The latest victim of the so-called “retail apocalypse” is pet shop Loyal Companion.

40 percent of department stores in the country have closed since 2016

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40 percent of department stores in the country have closed since 2016Photo credit: Getty
Loyal Companion has filed for Chapter 11 bankruptcy

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Loyal Companion has filed for Chapter 11 bankruptcyPhoto credit: Google Maps

The company said Monday it would close at the end of the month as its parent company filed for bankruptcy under Chapter 11 of the Bankruptcy Act.

The press release states, “Independent Pet Partners (parent company of Loyal Companion) and its US affiliates have voluntarily petitioned the US Bankruptcy Court for the District of Delaware for an appeal under Chapter 11 of the Bankruptcy Code.

“IPP intends to use this process to facilitate an orderly reorganization of all of its Chuck & Don’s, Loyal Companion, Crisis’s and Natural Pawz stores and operations.”

Loyal Companion has 53 pet stores, 18 of which are in Massachusetts, and all will be closed by February 28, according to the store.

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The company announced on its website: “It is with a heavy heart that we announce that we have made the difficult decision to close our Loyal Companion Stores.

“We loved serving the community and supporting you on your pet wellbeing journey.

“We will be offering liquidation discounts and we encourage you to take advantage of these great deals to get all the supplies you need.”

The statement continued, “Thank you for being part of our family. Thank you for caring about pet welfare. And thank you for supporting your local community.

“We enjoyed all the hugs and tummy rubs along the way.”

Nursing services will continue through mid-February and the launch of VIP Mobile Vet Clinics has been cancelled.

The store has warned customers that Wellness Pass members cannot earn rewards points and will only accept rewards vouchers or existing gift cards until February 28th.

The pet store has started the “everything must go” sale, offering 10 to 30 percent off.

The news comes as reports show that rising inflation has caused customers to feel the pinch.

About 40 percent of department stores in the country closed between 2016 and 2021, according to the Washington Post.

Retailers across the industry, from fashion to food, have struggled to stay open as 60 major companies announced closures over the past year.

Macy’s has launched a plan to close over 120 stores this year, meaning 2,000 people will lose their jobs.

The department store has already closed more than 100 locations since 2020, but Chief Executive Officer Jeff Gennette assured customers and employees that it is in the “final phase” of the closures.

Meanwhile, Walmart has made plans to close 160 stores over the next six years, citing high levels of theft as a reason for overpricing and even store closures.

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Late last year, experts warned that larger stores will begin the chain of store closures.

Speaking to Insider, director of retail studies at the University of Colombia, Mark Cohen said: “I suspect there will be a whole round of restructuring, bankruptcy and all sorts of upheaval as we get closer to the end of the year and into next year .”

Independent Pet Partners hopes to restructure its various operations

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Independent Pet Partners hopes to restructure its various operationsPhoto credit: Google Maps

https://www.the-sun.com/news/us-news/7327177/retail-apocalypse-retailer-files-for-bankruptcy/ Another popular retailer becomes the latest victim of the “retail apocalypse” as it files for bankruptcy and closes 53 stores

PaulLeBlanc

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