
Daily Herald Staff
Peavey Mart announced on Tuesday that all stores across Canada would be closed as liquidation efforts begin immediately.
In a press release posted to their social media accounts on Tuesday, the nearly 60-year-old Canadian retailer confirmed they were closing all of their 90 locations. The news comes just days after they announced the closure of 22 stores in Ontario and Nova Scotia.
The company has obtained an Initial Order for creditor protection under the Companies’ Creditors Arrangement Act (CCAA) from the Court of King’s Bench in Alberta.
“The Canadian retail industry is experiencing unprecedented challenges, including record-low consumer confidence, inflationary pressures, rising operating costs, and ongoing supply chain disruptions,” reads the press release. “These factors have created significant obstacles for businesses like Peavey.
“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.”
The Prince Albert Peavey Mart location moved to a new site on 15th Street East in Prince Albert in 2021. On Monday, customers were greeted with signs on the building door advertising a Going Out of Business Sale.
Employees said they were not allowed to discuss the closure, and did not know when the Prince Albert store would close for good.
In their press release, the retailor thanked customers for their support, and urged them to keep shopping at Canadian businesses.
“Every time you choose to shop locally or support a Canadian retailer, you help make your community more prosperous. By choosing Canadian retail businesses, you ensure that dollars stay within Canada, supporting the people, organizations, and livelihoods that enrich our communities,” the press release reads.
“We have seen your comments, your posts, your stories and have felt all of them at our very core,” the press release continues. “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.”