Professional Veterinary Products Ltd., a Nebraska-based veterinary supply distributor, sought protection from creditors, citing slumping sales in the faltering economy.
Professional Veterinary listed as much as $100 million in assets and $100 million in debt in its Chapter 11 filing in U.S. Bankruptcy Court in Omaha, Nebraska. The company said in an Aug. 16 filing with the U.S. Securities and Exchange Commission that it was considering a bankruptcy filing.
“The company has encountered significant and material financial challenges during recent times, primarily as a result of macroeconomic factors and a general downturn in the economy,” Professional Veterinary officials said in the filing. They noted “sales have declined in core business segments.”
Officials of the Omaha-based firm are shopping it around to potential buyers, Cindy Christensen, a company spokeswoman, said in an e-mailed statement.
Professional Veterinary executives believe a sale “will be in the best interests of all of the stakeholders,” Christensen said in the statement.
Professional Veterinary notified Pennsylvania officials last week that they would be closing one of the company’s facilities in York, Pennsylvania, and laying off 31 employees, according to the Central Pennsylvania Business Journal newspaper.
In June, the closely held company reported a $3.6 million loss for the first quarter, according to another SEC filing. Professional Veterinary officials reported a $1.1 million loss for the first quarter of 2009, the filing said.
The case is In re Professional Veterinary Products Ltd., 10-82436, U.S. Bankruptcy Court, District of Nebraska (Omaha).