Update: In a media release, Peavey Industries LP has confirmed the closure all its remaining locations across Canada and is seeking creditor protection under the Companies' Creditors Arrangement Act.
“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.”
The retailer now citing record-low consumer confidence, inflationary pressures, rising operating costs, ongoing supply disruptions, and a difficult regulatory environment as obstacles in sustaining Peavey Mart.
Liquidation efforts will begin immediately, according to the company.
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Amid ongoing reports that prominent farm and ranch retailer Peavey Mart will shutter all its locations across Canada, employees have confirmed to CJDC-TV that its first location in Dawson Creek will be impacted.
An employee at the Alaska Avenue store says they’ve been made aware that the location will “officially” be closing, but communication on next steps remains ongoing as more information is brought forth in the coming weeks.
Peavey Industries LP has yet to officially announce the closure, but the employee says that a ‘store closing’ sign package has already been sent out.
CJDC-TV contacted Peavey Industries to request more information on the closures, but did not receive a reply in time for publication.
Late last week, the company officially revealed the closure of 22 store locations in Ontario and Nova Scotia. However, sources told Retail Insider that the remaining 58 locations across Canada would also be shut due to financial difficulties.
The East Coast locations are set to close by April, with liquidation sales currently underway.
In a release, Peavey Mart stated that the closures mark the initial phase of restructuring. CEO Doug Anderson cited the challenging Canadian retail landscape in a media release that also acknowledged impacted employees.
“We recognize that difficult decisions like these are necessary to create a more stable foundation for the long-term success of our business. While this is a step forward, it’s part of an ongoing process to adapt and rebuild in response to changing market dynamics,” said Anderson.
Peavey Mart, headquartered in Red Deer, offers a wide range of hardware, outdoor, and agricultural supplies. The retailer’s first location, originally named “National Farmway,” opened in Dawson Creek in 1967.
CJDC-TV will continue to provide updates on the store’s closure as new information becomes available.