Peavey Mart, a Canadian retailer with almost 60 years of history, announced on Tuesday it will close all its remaining stores across the country.
In a post to X (Twitter) the company says it has obtained creditor protection under the Companies' Creditors Arrangement Act (CCAA) from the Court of King’s Bench Alberta.
This decision affects 90 Peavey Mart locations and six MainStreet Hardware stores. Liquidation sales will start immediately. Earlier this month, the company said it would close 22 stores in Ontario and Nova Scotia.
In the statement posted to social media, Peavey Mart said the decision was made after reviewing its options with legal and financial advisors. The company pointed to challenges in the retail industry, including low consumer confidence, inflation, higher operating costs, and supply chain issues.
To Our Valued Customers, and Communities.
— Peavey Mart (@PeaveyMart) January 28, 2025
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… pic.twitter.com/MvZbJIagI2
The company thanked customers for their support over the years and acknowledged the impact of the closures on employees, customers, and communities.
“We know how much this brand means to you, and we want to say thank you,” the statement said.
The company also encouraged people to support local businesses, noting that shopping locally helps keep money in Canadian communities.