(Nigel Maxwell/ paNOW Staff)

By Nigel Maxwell

Retail struggles

Peavey Mart to close all Canadian locations

Jan 27, 2025 | 12:04 PM

Editor’s note: The following story was updated on Jan.27 at 9:30p.m. to include additional information from the company.

Canada’s retail and agriculture sector have been dealt another blow, with news Peavey Mart plans to close all of its Canadian locations.

As per a post last week on its social media page, the company initially announced the closure of 22 locations in Ontario and Nova Scotia, however in a follow up statement Monday night, confirmed plans to begin store 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.

“This was a profoundly difficult decision, but one that allows us to explore the best possible alternatives for the future of the Company,” said Doug Anderson, President and CEO of Peavey Industries LP. “For nearly six decades, our customers’ loyalty, employees’ dedication, and the resilience of the communities we serve have been the cornerstone of our business. We remain focused on working with our partners and stakeholders to preserve the Peavey brand and the value it represents.”

In addition to Prince Albert, Peavey Mart also has stores in North Battleford, Saskatoon, Moose Jaw, Kindersley, Humboldt, Regina, Yorkton, Swift Current, and Lloydminster.

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According to the company’s statement, the decision to seek creditor protection and close all stores was made after thorough evaluation of available options, in consultation with legal and financial advisors.

“The Canadian retail industry is experiencing unprecedented challenges, including record-low consumer confidence, inflationary pressures, rising operating costs, and ongoing supply disruptions along with a difficult regulatory environment. These factors have created significant obstacles for businesses like Peavey,” they said.

Going forward, the Company explained their immediate priority is to generate liquidity through the closure process while continuing to work with funders, partners, and stakeholders to explore potential opportunities to preserve the brand.

Peavey Industries LP also committed to providing regular updates as the situation develops.

“Peavey Industries recognizes the significant impact of this decision on employees, customers, and communities. The company expresses deep gratitude to employees for their hard work, resilience, and dedication. They have been the heart of Peavey Mart, and their contributions will always be valued. To loyal customers and communities, Peavey Industries offers sincere thanks for the trust and support shown over the years.”

The news from Peavey Mart, follows an announcement earlier this month from Comark Holdings, Inc., which confirmed the closure of Ricki’s, Cleo and Bootlegger stores.

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nigel.maxwell@pattisonmedia.com

On X: @nigelmaxwell