The rumour mill started churning after Peavey Mart announced last week the closure of certain locations for organizational restructuring.
In a Jan. 21 news release, the company announced the closure of 22 locations in Ontario and Nova Scotia. It called the move a “measured strategy to optimize Peavey’s retail footprint.”
But liquidation sales at many Canadian locations left customers wondering in other provinces if their local Peavey Mart was also closing. The company officially announced Jan. 27 that it was indeed closing all Canadian locations and seeking creditor protection.
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“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,” read the company’s Jan. 27 statement.
“These factors have created significant obstacles for businesses like Peavey.”
Founded in Winnipeg, the Canadian company has served rural and urban consumers for nearly 60 years. There are more than 90 locations across Canada that have been sources of products and supplies for repairs, animals and work wear.
Retail Insider reported that the company has partnered with Gordon Brothers Realty Services to “ensure a seamless transition for employees, communities and all stakeholders involved.”
The publication reported that Peavey and Ace Hardware partnered in 2020 so that Peavey could gain some ground against competitors such as Canadian Tire, but as of Dec. 31, 2024, that partnership had ended.
Closures of the 22 stores mentioned in the Jan. 21 news release are scheduled on or before the end of April.
–with files from Janelle Rudolph, Glacier FarmMedia
