The Canadian farm goods store chain Peavey Mart announced it is closing all its locations.
The Red Deer, Alberta-headquartered company recently closed 22 stores in Ontario and Nova Scotia. In a posting yesterday on social media, the company stated it “had 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 new round of closures and asset liquidation is now taking place at 90 Peavey Mart stores and six MainStreet Hardware locations.
“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,” said the company in a social media announcement. “The Canadian retail industry is experiencing unprecedented challenges, including record-low consumer confidence, inflationary pressures, rising operating costs, and ongoing supply chain disruptions. These factors have created significant obstacles for businesses like Peavey.”
The retailer is offering up to 30% off the original ticketed price on all its merchandise. The global asset experts Gordon Brothers is coordinating the closings and asset liquidations.
“Peavey Mart has long been a staple in communities throughout Canada and is the go-to retailer for agricultural and home improvement supplies,” said Durien Sanchez, managing director of retail at Gordon Brothers. “With the announcement of the closing sales, supplies are expected to sell out fast, and we encourage customers to shop early for the best selection due to the immense popularity of these stores.”