A well-known chain of hardware and agriculture supply stores is set to close nearly two dozen locations across Ontario and Nova Scotia.
Peavey Mart announced last week the closure of 22 stores as part of "a strategic plan to address ongoing challenges in the retail sector and strengthen its business for the future." The closures will take place by the end of April 2025.
“The Canadian retail environment has faced significant disruption over recent years, and Peavey has not been immune to these challenges,” said Doug Anderson, President and CEO of Peavey Industries LP in a press release. “We recognize that difficult decisions like these are necessary to create a more stable foundation for the long-term success of our business.”
The closures affect stores in communities such as Kingston, Woodstock, Bedford, and St. Catharines.
Founded in 1967 and headquartered in Red Deer, Alta., the retailer is known for its commitment to rural communities.
While rumours on social media have circulated saying other stores are closing across the prairies, the chain hasn't made any such announcement as of yet. It says the closing of stores in eastern Canada is part of a "critical first step" in restructuring the company.
Peavey Mart's website says that it is 100 per cent Canadian and employee-owned The company announced on January 6 of this year that it has secured $155 million in financing to "support Peavey’s ongoing borrowing needs while enabling the launch of an approved inventory enhancement program. This program marks a key step in advancing Peavey’s operational improvement initiatives and reinforcing Peavey’s commitment to efficiency and growth," the company said in a release announcing the funding.
Impact on employees and communities acknowledged
Peavey Industries acknowledged the impact on employees and customers. “To our employees, we cannot thank you enough for your hard work, resilience, and passion,” the company said in a statement. “To the communities we have served, we are grateful for the trust and loyalty you have shown over the years.”
The company has enlisted Gordon Brothers Realty Services, LLC, to manage the transition. Karen Dilon, Chief Financial Officer, emphasized the importance of strategic partnerships during the restructuring process, stating, “The support of our vendors and partners has been instrumental in this process.”
Peavey Mart says it will focus on optimizing its operations to better serve customers and communities moving forward.
Peavey Industries Announces Strategic Steps in Organizational Restructuring
— Peavey Mart (@PeaveyMart) January 21, 2025
Peavey Industries LP is announcing an important update regarding its path forward. As part of a broader strategy to strengthen operations and build a sustainable future, an additional 22 Peavey Mart… pic.twitter.com/KqFqCXRY5R
Affected Peavey Mart stores announced to be closing:
The 22 closing locations include: Arnprior, Bedford, Bowmanville, Brockville, Chatham, Collingwood, Cornwall, Goderich, Grimsby, Kingston, Kitchener, Lambeth, Mount Forest, New Liskeard, Sarnia, Smiths Falls, St. Catharines, St. Jacobs, St. Thomas, Sudbury, Woodstock, and Uxbridge.
Closures at Rockland and Hyde Park, announced earlier, are also part of the restructuring effort.