Peavey Mart has confirmed that all locations of the long-standing home and agriculture retail business will be closing across Canada..
On Tuesday morning, Peavey Mart released a public statement, saying, "Yesterday [Jan. 27], our company announced that it had sought and obtained an Initial Order for creditor protection under the Companies' Creditors Arrangement Act (CCAA) from the Court of King’s Bench Alberta."
The statement notes that after announcing the closure of 22 stores in Ontario and Nova Scotia, the company will now start closing sales "at all remaining locations across Canada. This includes 90 Peavey Mart stores and six MainStreet Hardware locations. The closures and liquidation efforts will commence immediately."
Peavey Mart attributes challenges such as "record-low consumer confidence, inflationary pressures, rising operating costs, and ongoing supply chain disruptions," as being the reason for the closures. "These factors have created significant obstacles for businesses like Peavey."
Peavey Mart has a nearly 60-year history in Canada, serving mostly rural communities.
"Through it all, we have remained committed to the values that define us. For decades, Peavey Mart has supported local events, funded charities, and worked to strengthen the communities we call home. If you’ve ever benefited from one of our partnerships or seen the impact of our initiatives, we humbly ask for your continued support to help us work through this challenging time," reads the statement.
In the Lakeland region, Peavey Mart locations exist in St. Paul, Vermilion and Vegreville. Peavey Mart's head office is located in Red Deer.
