Red Deer, AB (Rural Roots Canada) – Canadian farm goods provider Peavey Mart is shutting down all its stores nationwide as it seeks creditor protection.
Red Deer, Alberta-based Peavey Industries LP, Canada’s largest farm and ranch retail chain, announced it will begin closing its 90 Peavey Mart stores, and six MainStreet Hardware stores as part of “organizational restructuring” according to a press release. It had already announced that it would be closing 22 stores in Ontario and Nova Scotia.
According to the statement, the company has obtained an initial order for creditor protection from the Alberta Court of King’s Bench. It says economic challenges including inflation, rising costs, supply chain disruptions, and low consumer confidence drove the decision to shut down the retail outlets. Combined, it says these factors have created significant obstacles for the company.
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“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.”
Peavey’s history dates back to 1967 when it started as National Farmway, a chain of farm markets whose first location opened in Dawson Creek, BC. It rebranded at Peavey Mart in 1975 when it became a subsidiary of the U.S.-based Peavey Company. It returned to Canadian ownership in 1984 and remained that way until now.
In a Facebook post, Peavey Mart urged its customers to continue to shop local.
“Every time you choose to shop locally or support a Canadian retailer, you help make your community more prosperous. By choosing Canadian retail businesses, you ensure that dollars stay within Canada, supporting the people, organizations, and livelihoods that enrich our communities,” reads the post.