PVP considers bankruptcy, sale
Veterinary supplier Professional Veterinary Products, Ltd., (PVP) is likely getting ready to either file for bankruptcy or sell its business.
A PVP announcement filed with the Securities and Exchange Commission (SEC) on Aug. 16 says that the company "is evaluating all strategic options," and has "encountered significant and material financial challenges during recent times, primarily as a result of macroeconomic factors and a general downturn in the economy."
According to SEC documents, the company suffered a net loss of $3.6 million during the quarter ending April 30.
"After considering careful analysis, and given the realistic prospects for a return to more normalized levels of sales and profits anytime in the near future, a decision has been made to further evaluate all of the strategic options of the Company including a sale of the business and bankruptcy," the announcement says. "Given the situation, the Company is working collaboratively with its stakeholders and moving as quickly and as expeditiously as possible to ensure that value is maximized for all of the constituents. At this juncture, the Company cannot predict what the ultimate outcome will be or what specific course of action will be taken."
Another SEC filing from Aug. 17 states that the company has notified "all employees of the Company that each of their employment with the Company is expected to terminate on October 11, 2010 or a date within 14 days thereafter."
The same document says that the PVP’s top executives: Stephen J. Price, President and Chief Executive Officer; Jamie Meadows, Chief Operating Officer; and Vicky Winkler, Director of Accounting; will also likely lose their jobs around the same time.