An Alberta-based farm store company has received an initial order for creditor protection and it will be closing all stores across the country, including in Lloydminster.
On Monday, Jan. 27, Peavey Mart announced the decision to close after nearly 60 years of operation. Headquartered in Red Deer, the company had announced the closure of 22 stores in Ontario and Nova Scotia by the end of April as part of a plan to streamline operations and focus on the long-term growth of the company. According to a statement from the company, the decision to close and file for creditor protection under the Companies’ Creditors Arrangement Act from the Court of King’s Bench was made following discussions with both legal and financial advisors.
The company’s Facebook post states, “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.”
According to the statement, the decision has been hard on the company’s staff, along with their customers and community.
It continues by adding the importance of shopping local or supporting Canadian retailers. “You ensure that dollars stay within Canada, supporting the people, organizations, and livelihoods that enrich our communities.”
In Lloydminster, the local branch has a cat that went for a ride on someone’s truck all the way to Smoky Lake last summer. Murphy was eventually found and transported back to the border city. One of the staff will be taking Murphy went the store closes.
Liquidation sales at the 90 Peavey Mart stores and six MainStreet Hardware locations are to begin immediately.
Written by: Kass Patterson – Vista Radio
