The Planet Organic store on Quadra Street has closed, following an announcement last week that the cash-strapped 11-store chain would be shutting down.
A sign on the store announced the closure and thanked customers for their support. A phone call to the store was unanswered on Monday.
Located in Saanich Centre, at Quadra Street and McKenzie Avenue, Planet Organic sold natural foods, and health and wellness products.
The Saanich store was one of 11 in the chain, with five in Calgary, four in Edmonton and one in Port Credit, Ont. The company was founded in 1993.
Company executives sent letters on March 3 to staff and creditors to say the chain was closing, the Calgary Herald reported.
“We have tried to find a solution for the company but now it has come the time to recognize that despite the best efforts to restructure the business, we are at an end,” said a letter to employees from chief executive Alan Thompson.
The letter said staff would be paid any salary and vacation they are owed.
It said a secured creditor is owed $18 million “and has a lien on substantially all of the company’s assets to secure payment of the debt.”
Another $12 million to $16 million is owed to other creditors.
The letter said those creditors can expect about 7% or 8% of what they’re owed, the Calgary Herald reported.
