Independent Pet Partners cancels auction; eyes sale to stalking horse

By Sarah Lizee

Olympia, Wash., March 16 – Independent Pet Partners Holdings, LLC canceled an auction for its assets after receiving no qualified bids by the deadline, according to a notice filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

The deadline was 5 p.m. ET on Tuesday.

The company said it will seek the court’s approval to sell 66 of its stores in five states under the Chuck and Don’s and Kriser’s Natural Pet banners to stalking horse bidder IPP Buyer Acquisition, an entity formed by the prepetition lenders.

The purchase price under the stalking horse agreement includes a $60 million credit bid and some assumed liabilities.

The sale hearing will take place on March 23.

The multichain pet care business has headquarters in Woodbury, Minn. The company filed bankruptcy on Feb. 5 under Chapter 11 case number 23-10153.

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