Peavey Mart to close all Canadian retail stores

GUELPH/MOUNT FOREST – The Mount Forest and Guelph Peavey Mart locations will soon be closing, along with all remaining locations across Canada.

“Following the recently announced closures of 22 stores in Ontario and Nova Scotia, the company will now begin store closing sales at all remaining locations across Canada,” stated a Jan. 27 news release.

“This includes 90 Peavey Mart stores and six MainStreet Hardware locations. The closures and liquidation efforts will commence immediately.”

The previous week, the Alberta-based company had announced the closure of 22 Ontario and Nova Scotia stores as part of what it called “restructuring efforts.” 

The Mount Forest store was one of the locations slated to close, but stores in Guelph and Walkerton were believed to be staying open.

The news release announcing the initial closures have since disappeared from the Peavey Mart website.

Peavey Industries vice-president of marketing and customer experience Jest Sidloski responded to Advertiser inquiries for more information by emailing a news release. 

But Sidloski did not answer questions and claimed to be “unable to schedule interviews.”

The release, which described Peavey Industries as “Canada’s largest farm and ranch retail chain,” stated the company has obtained an initial order for creditor protection under the Companies’ Creditors Arrangement Act from the Court of King’s Bench Alberta.

“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,” it stated.

It went on to cite unprecedented challenges in the Canadian retail industry, including “record-low consumer confidence, inflationary pressures, rising operating costs, and ongoing supply disruptions along with a difficult regulatory environment.”

News of the local store closure shared on the Mount Forest What’s Happening Facebook page generated mixed reactions, with some saying they weren’t surprised by the news and others expressing relief that other locations were to remain open.

But that was before the company made it clear that all stores would close.

“This was a profoundly difficult decision, but one that allows us to explore the best possible alternatives for the future of the company,” Peavey Industries LP president and CEO Doug Anderson stated in the release.

“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.”

The news release stated the company’s 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.”

Questions about how many employees are impacted and timeline for local store closures went unanswered by the company.