Pet Pros, a pet store chain with 18 locations in Washington state, has filed a letter of intent to buy 10 Loyal Companion stores in New England, including five in Maine.
Loyal Companion’s parent company filed for Chapter 11 bankruptcy protection last week, but shortly after a sign went up in the North Windham location saying it will have a new owner and remain in business.
Parent company Independent Pet Partners, initially said it would close the eight Loyal Companion locations in Maine. But in a court filing, the Minnesota company said it has a letter of intent with Pet Pros to buy stores in North Windham, Portland, Saco, Sanford and South Portland. The stores in Lewiston, Topsham and Scarborough were not included among the purchases, which are pending court approval.
The filing also said Pet Pros intends to buy the New Hampshire Loyal Companion stores in Salem and Stratham and the Massachusetts locations in Acton, Littleton and Sudbury.
Pet Pros has stores under the names of EarthWise Pet, Dee-o-Gee and GROOMBAR in other states.
Part of Independent Pet Partners’ strategy in Chapter 11 is to sell its stores to top lenders and others. The company owns 160 pet shops in a dozen states under names including Natural Pawz, Kriser’s Natural Pet and Chuck & Don’s, with 50 of the stores branded as Loyal Companion.
The deal with Independent Pet Partners for Loyal Companion stores in New England is expected to close on Feb. 28.
