MOOSE JAW — Peavey Industries is closing all 90 of its Peavey Mart stores across Canada, including its outlet in Moose Jaw, although the exact closure date is still unknown.
Peavey Mart made a post on its social media accounts on Tuesday morning, updating its customers in all the communities it serves about what is happening with the business.
“To out valued customers and communities,” Peavey Industries wrote. “Yesterday (Jan. 27), our 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.”
After recently closing 22 stores in Ontario and Nova Scotia, the company began liquidation sales at all 90 Peavey Mart and six MainStreet Hardware locations nationwide, the post continued. The decision to seek creditor protection and close its stores followed significant challenges in the retail industry, including low consumer confidence, inflation, rising costs and supply chain disruptions.
“These factors have created significant obstacles for businesses like Peavey,” the company said.
It also reminded customers across Canada about the many local initiatives Peavey Mart carried in the communities it serves and called for further local support.
“As a proudly Canadian retailer with nearly 60 years of history, predominantly serving rural communities, we have faced the extreme pressures affecting Canadians across the country. Through it all, we have remained committed to the values that define us,” the company said.
“For decades, Peavey Mart has supported local events, funded charities and worked to strengthen the communities we call home,” it continued. “If you’ve ever benefited from one of our partnerships or seen the impact of our initiatives, we humbly ask for your continued support to help us work through this challenging time.
“Every time you choose to shop locally or support a Canadian retailer, you help make your community more prosperous,” the post added. “By choosing Canadian retail businesses, you ensure that dollars stay within Canada, supporting the people, organizations and livelihoods that enrich our communities.”
The company also noted that it has seen people’s comments, posts, stories and has “felt all of them at our very core.”
“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,” the company added.
“Thank you for believing in us. We value our customers more than words can express.”
The Moose Jaw Express/MooseJawToday.com attempted to seek comment from the manager of Moose Jaw’s Peavey Mart, but she declined and directed all comments to the national head office. The head office emailed the Express a news release with comments from the president/CEO and indicated that it had nothing else to say about the situation.
“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/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," he continued. "We remain focused on working with our partners and stakeholders to preserve the Peavey brand and the value it represents.”
The company’s immediate priority is to generate liquidity through the closure process while continuing to work with funders, partners, and stakeholders to explore potential opportunities to preserve the brand, the release added. Peavey Industries LP remained committed to providing regular updates as the situation developed.
