Canadian pet store chain Petcetera has filed for bankruptcy protection and has launched a two-month, cross-Canada sale to unload merchandise and to generate capital for restructuring.

The sale commences on March 21 and will offer price cuts of up to 70 per cent.

"In light of the recession's impact on the Canadian retail industry, we have to take drastic measures in the short term to ensure that Petcetera continues to be viable long after the downturn is over," said Vancouver-born CEO Dan Urbani in a company press release on Friday.

When approached by media persons from The Province, the company spokeswoman Julie Belanger refused to part with any information beyond the release and also refused access to any other company officials.

According to Urbani, the global meltdown and its impact on the Canadian retail industry has forced the company to "take drastic measures in the short term to ensure that Petcetera continues to be viable long after the downturn is over."

The Canadian-owned firm was established in 1997. According to its latest press release, it operates 49 stores, 11 of them in the Lower Mainland, and employs 1,600 people.