Some shoppers in southern Alberta say they’re upset at the news of liquidation hitting Peavey Mart, while business leaders are stunned by the sudden closure of Canada’s largest farm and ranch retail chain.
“I’m very disappointed and I think it’s a huge mistake for the prairie provinces, Alberta, Manitoba and Saskatchewan, they need these stores,” said Peter Burns, a shopper in Lethbridge.
The Red Deer-based retailer of sells hardwares and agricultural supplies announced this week it’s closing 90 retail locations in Canada.
“Following the recently announced closures of 22 stores in Ontario and Nova Scotia, 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 company said in a statement on Monday.
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Peavey Mart said it tried to stay open, but eventually felt it had no choice but to file for creditor protection under the Companies’ Creditors Arrangement Act (CCAA) from the Alberta Court of King’s Bench.
The company said the Canadian retail industry is experiencing unprecedented challenges, including record-low consumer confidence, inflationary pressures, rising operating costs, and ongoing supply disruptions along with a difficult regulatory environment.
These factors have created significant obstacles for businesses like Peavey, the company added.
“This was a profoundly difficult decision, but one that allows us to explore the best possible alternatives for the future of the company,” said Doug Anderson, president and CEO of Peavey Industries LP.
“For nearly six decades, our customers’ loyalty, employees’ dedication, and the resilience of the communities we serve have been the cornerstone of our business.”
Peavey Mart said it’s working to generate liquidity through the closure process while continuing to work with funders, partners, and stakeholders to “explore potential opportunities to preserve the brand.”
As Justin Sibbet reports in the video above, the business community in Lethbridge says there were warning signs, but the mass closure is still a shock.
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