DIAPET Pet Foods Ltd., a pet food company, has gone into liquidation and is selling its assets, the company said in a statement Friday.DIAPET said in the statement that it has been unable to achieve financial viability and expects to be unable to operate as a company in the near future.

The company said it is currently working with a third party to transfer ownership of the company to an entity with the same financial standing as the company.

The company said that it intends to seek legal action against its creditors, who included its parent company, the Franklin Group, and its former chief executive, John Franklin, who died in 2013.

DiaPet said it will continue to invest in research and development, to increase its supply chain, to expand its products and to continue to expand.