Once a rural Alberta institution, Peavey Mart has announced that it is seeking creditor protection and is closing all of its Canadian stores coast to coast, including their store in Spruce Grove. The store today (Tuesday) had a large yellow “CLOSING” banner draped across the front of the building and a full parking lot as consumers arrived in droves to snatch up steeply discounted merchandise.
Sale prices range from 30% to 50% off all merchandise.
In a statement issued Monday, Peavey Industries LP said liquidation sales will begin immediately as 90 Peavey Mart stores as well as six Main Street Hardware locations.
Last week, Peavey announced plans to close 22 underperforming Peavey Mart locations in Ontario and Nova Scotia by the end of April. This was presented as an “organizational restructuring aimed at stabilizing the business and positioning it for future growth.”
Doug Anderson, President and CEO of Peavey Industries, addressed the challenges in a previous statement:
“The Canadian retail environment has undergone significant disruptions in recent years, and Peavey has not been immune to these challenges. These closures are a challenging yet necessary step to stabilize and position our business for future growth.”
Despite these efforts, the company’s financial difficulties have proven insurmountable, leading to the closure of all 90+ stores across Canada.
The company released the following statement on Twitter about their closing.
To Our Valued Customers, and Communities.
Yesterday, the company announced that 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.
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. This includes 90 Peavey Mart stores and six MainStreet Hardware locations.
The closures and liquidation efforts will commence immediately. 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.
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. As a proudly Canadian retailer with nearly 60 years of history, predominantly serving rural communities, we have faced the extreme pressures affecting Canadians across the country.
Through it all, we have remained committed to the values that define us. For decades, Peavey Mart has supported local events, funded charities, and worked to strengthen the communities we call home. If you’ve ever benefited from one of our partnerships or seen the impact of our initiatives, we humbly ask for your continued support to help us work through this challenging time. 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. We have seen your comments, your posts, your stories and have felt all of them at our very core. We acknowledge how difficult this has been for our staff, our customers and our communities.
We know how much this brand means to you, and in return we want to say thank you. Your unwavering support has been the backbone of our organization’s history. Thank you for believing in us. We value our customers more than words can express.
With heartfelt gratitude, Peavey Mart
There is no word on when the exact closing date of the Spruce Grove Peavey Mart will take place.
