Sources close to Peavey Mart have said the company will close all its stores across Canada, including its locations in Central Alberta.
A call was made by Central Alberta Online and Sunny 94 news to confirm the closure of local stores but staff were instructed to provide no further comments.
One staff member at Peavey Industries' head office did say that "Further news releases were expected soon."
The decision is part of a nationwide shutdown that will close nearly two dozen stores by the end of February. No specific timeline has been announced for all stores.
The company which got its start in Red Deer in 1967, and just reopened their flagship store 4 years ago, has been a big part of the community.
The retailer, known for offering agricultural supplies, hardware, and home improvement products, stated in a press release that changing market conditions and declining profits are behind the closures.
The company has not provided specific details about the number of employees affected by the closures but said it is working to assist staff during the transition.
Peavey Mart customers have already noticed sales advertising closing and empty or unstocked shelves in the store.