Peavey Mart locations across the country will be closing for good.
The company announced the closure of 22 locations in Ontario and Nova Scotia last week, but CTV News has learned the closures will be more widespread.
The Kitchener, Mount Forest, St. Jacobs and Woodstock locations were listed among the Ontario locations set to close by the end of April.
But on Monday staff at the Brantford and Listowel locations, which weren’t among the original stores set to shutter, said they’ve since been informed all locations will be closing.
In an official statement on Monday, Peavey Industries LP confirmed it has obtained an Initial Order for creditor protection under the Companies’ Creditors Arrangement Act.
“… 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 statement reads, in part.
It goes on to say the Canadian retail industry is facing unprecedented challenges. They cited low consumer confidence, inflationary pressures, rising operating costs, ongoing supply disruptions and “a difficult regulatory environment” as some of the reasons for the decision.
“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,” Doug Anderson, President and CEO of Peavey Industries, said via the statement.
The company said they will be trying to work with funders and other partners to try to preserve the brand. Anderson, president and CEO of Peavey Industries LP, in the release.
Retail analyst Bruce Winder says online shops and bigger box stores, which now sell farm and rural products, could be a threat.
“Realistically, farmers may have driven a little further to buy it a lot cheaper than what Peavey was offering,” Winder said.
Still, the brand does have its loyal customers – including 95-year-old Ken Kavelman and his 71-year-old son Bruce Kavelman from Kitchener. They’ve been shopping at Peavey Mart for quite some time.
“My dad and I walk in there and saw the tractor mufflers hanging in there. Well, you don’t go to any of these other big box stores to see a tractor muffler hanging in a store or anything like that,” said Bruce.
Other customers say the closures leaves them with fewer options – especially for those who prefer in-person shopping.
“It’s disappointing because I grew up going to TSC and then they were bought by Peavey Mart,” said customer Travis McDougall. “We’re going to be looking for a lot of stuff online and these brick and mortar stores are disappearing pretty quickly because of online shopping.”
“I get a lot of stuff at Peavey Mart for our spot at home for the chickens,” said Noah, another customer.
