Petland Discounts Closes Stores, Files for Bankruptcy
Petland Discounts Inc. has officially closed all of its stores and filed for chapter 7 bankruptcy.
The March 28 bankruptcy filing is the latest development in the closing of the New York tri-state area's largest independent pet store chain, which once operated nearly 120 stores in the region. The company had previously notified the Departments of Labor in New York, New Jersey and Connecticut of impending layoffs shortly after the death of company founder and sole owner Neil Padron in January.
According to the U.S. Courts website, in a chapter 7 bankruptcy case, a trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code.