It is the end of the line for Canadian retailer Peavey Mart.
A week after announcing the closure of 22 of its stores in Ontario and Nova Scotia, the company confirmed Tuesday that it will be shuttering all 90 Peavey Mart outlets and six MainStreet Hardware locations across the country. Peavey Industries LP, which owns the chain, stated it has obtained creditor protection and is beginning the closure and liquidation efforts immediately.
"The decision to seek creditor protection and close all stores was made after thorough evaluation of available options, in consultation with legal and financial advisors," Peavey Mart said in a statement. "The Canadian retail industry is experiencing unprecedented challenges, including record-low consumer confidence, inflationary pressures, rising operating costs, and ongoing supply chain disruptions. These factors have created significant obstacles for businesses like Peavey."
The company has been in operation in Canada for nearly 60 years, predominantly serving rural communities with an extensive line of agricultural goods. In 2017, it acquired TSC Stores. Last Tuesday, the retailer announced plans to close 21 Ontario stores, including the ones in Goderich, Mount Forest, Sarnia, and Chatham, as well as one Nova Scotia location. Soon after, employees at stores outside those slated to be closed began hearing their locations would also cease to exist.
Peavey has not outlined how many jobs will be lost due to the closures, but it did offer its gratitude to all who have helped it stay afloat over the past six decades.
"We have seen your comments, your posts, your stories and have felt all of them at our very core," the company said. "We acknowledge how difficult this has been for our staff, our customers and our communities. We know how much this brand means to you, and in return we want to say thank you. Your unwavering support has been the backbone of our organization’s history."
It is believed all stores will be closed by the end of April.