UPDATE: In a statement released by Peavey Industries on Monday night at 8 PM, the company confirmed that they will be closing the 90 Peavey Mart locations and six Main Street Hardware locations across Canada by the end of summer. They have sought creditor protection under the Companies’ Creditors Arrangement Act through the Court of King’s Bench in Alberta. The hope is that these actions will allow the company to continue and preserve the Peavey brand.
The full statement can be seen on Peavey Mart’s Facebook page.
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Last week, Peavey Industries, who is the owner of Peavey Mart stores across the country shared that they would be closing a number of stores in Ontario and Nova Scotia as part of corporate restructuring. It looks like there are more stores involved, as sources share that Peavey Mart is possibly closing all of it 90+ stores across the country.
In an official release from Peavey Mart last week, they announced that they plan to close 22 locations in Ontario and Nova Scotia. They shared that this “decision marks an initial step in the company’s broader efforts to address current challenges, strengthen its operation, and position itself for future sustainability.”
The company, which used to have a store in the Drumheller Valley across the river from the Aquaplex in the 80’s, is based in Red Deer and has 24 locations in Alberta including some under the name “Main Street Hardware”. The company also shared in the release of the 22 stores closing that “the closures are part of a measured strategy to optimize Peavey’s retail footprint, focusing on reallocating resources to markets with stronger performance while addressing underperforming locations. The company has engaged Gordon Brothers Realty Services, LLC, a global leader in real estate advisory, to ensure a seamless transition for employees, communities, and all stakeholders involved.”
There has not yet been an official statement from Peavey Mart or Peavey Industries about the closure of the remaining locations. We have attempted to reach out to the company for comment but have not heard anything as of yet. Once we receive official confirmation, we will share it
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