IKPM Pet Supply LLC seeks court protection with $1.4 million in debt amid rising costs despite industry-wide sales growth.
A Texas-based Pet Supplies Plus franchisee, IKPM Pet Supply LLC, filed for Chapter 11 bankruptcy protection on May 22. The company listed assets between $100,000 and $500,000 and liabilities ranging from $1 million to $10 million in court documents.
The pet supplies industry reported $158 billion in sales in 2025, up 3.7% from the prior year, with projections of $165 billion in 2026. Despite overall growth, rising labor, product, and lease costs have strained some retailers. IKPM’s largest creditors include Customers Bank, owed over $1.07 million, and Ondeck, owed $127,000.
The filing reflects broader challenges for smaller operators in a sector where inflation-driven expenses outpace revenue gains.