Iconic Canadian retailer Peavey Mart confirmed Monday evening that it will be closing all of its stores across the country.
Peavey Mart, which is Canada’s largest farm and ranch retail chain and is headquartered in Red Deer, says it has 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 chain announced last week it would be closing 22 stores in Ontario and Nova Scotia, and the remaining 90 Peavey Mart stores and six MainStreet Hardware locations across Canada will now also be shutting down.
That includes more than 20 stores in Alberta, three in British Columbia, and nearly 10 locations in Saskatchewan.
“The closures and liquidation efforts will commence immediately,” the company said in a news release.
It added that the decision to seek creditor protection and close all stores was made after thorough evaluation of available options, adding that 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.”
“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,” Anderson added.
The chain added that its 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.
