After announcing over the weekend that it would shutter 22 locations in Ontario and Nova Scotia, Peavey Industries LP announced they are closing all 90 Peavey Mart locations nationwide, including the Estevan branch on King Street.
The company confirmed to the Canadian Press in a statement that liquidation and store-closing sales will begin immediately, as creditor protection has been granted.
Peavey Industries LP says the decision to seek creditor protection and close its doors is due to several factors, including record-low consumer confidence, increased operating costs and continued disruptions to the supply chain.
“This was a profoundly difficult decision, but one that allows us to explore the best possible alternatives for the future of the company,” Peavey Industries LP president and CEO Doug Anderson said in the statement.
A 'CLOSING' banner on Peavey Mart Estevan's outdoor yard, signalling the end of the retail chain's operations in Canada. (Lemuel Alquino/DiscoverEstevan)
DiscoverEstevan has reached out to the local branch for comment.