India’s pet food retail chain Petes has filed bankruptcy, alleging the collapse of its business and collapse of the retail market.
The pet food chain, based in Bengaluru, said it has received Rs 2,100 crore in loans from lenders.
Petes said it is unable to make the repayments due to the “unforeseen circumstances”.
The chain, which sells pet food to restaurants, pet stores and other businesses in the country, said in a statement that it had received a loan of Rs 2.7 crore from a consortium of banks.
Petes said in its statement that the business is facing a number of issues including the inability to pay the loan.
The lender has advised Petes to take a loan from other sources.
The company has not responded to a request for comment.
Pete’s, which opened in India in 1998, has over 300 stores across the country.
The company also has a pet food distribution network.