Take Stock – June 25

Canadian dairy company Saputo Inc. (TSX:SAP) said Tuesday it has signed a deal to buy cheesemaker F&A Dairy of California Inc.

Saputo Inc. to buy California cheese maker

Canadian dairy company Saputo Inc. (TSX:SAP) said Tuesday it has signed a deal to buy cheesemaker F&A Dairy of California Inc. Terms of the deal were not immediately available. F&A makes, sells and distributes, principally mozzarella, provolone and whey products from a plant in Newman, Calif., where it employs 113 employees. The company produced 60 million pounds of cheese and had sales of about US$140 million in 2008. Shares in Saputo, which announced the deal after the close of markets, were down 41 cents at $23.11 on the Toronto Stock Exchange on Tuesday.

Bankrupt petfood retailer begins chainwide liquidation of Canadian stores

A liquidator will sell off the inventory of the remaining 45 Petcetera stores this summer in going-out-of-business sales across Canada.

The petfood chain originated in Vancouver in 1997 and sought bankruptcy protection in March. However, it was unable to remain a going concern and PricewaterhouseCoopers became the court-appointed receiver last week. Great American Group, which will conduct the liquidation, said from Woodland Hills, Calif., on Wednesday that it expects the sales to last up to 10 weeks, although some locations will close sooner.

Petcetera had 49 locations until May when it closed two in Alberta and two in Ontario, laying off about 100 of the 1,600 employees it had at the time. Founder Dan Urbani, president and CEO of the privately held Petcetera, said in April when the closures were announced that he hoped to save enough money to prevent further closures.

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