WESTLOCK – Peavey Mart known for its agricultural supplies and hardware, is shutting down in Westlock.
The manager of Peavey Mart confirmed on the phone Monday morning with Town and Country Today that the Westlock location is shutting down and directed questions to their corporate office.
In a statement on Jan. 27, Peavey Industries LP said the company sought and obtained an initial order for creditor protection under the Companies’ Creditors Arrangement Act (CCAA) from the Court of King’s Bench Alberta. This is a legal process that allows a company facing financial difficulties to restructure and try to reorganize its operations instead of immediately liquidating. It provides temporary relief from creditors, giving the company time to reorganize its affairs.
“Following the recently announced closures of 22 stores in Ontario and Nova Scotia, the Company will now begin store closing sales at all remaining locations across Canada,” said Jest Sidloski, VP Marketing and Customer Experience for Peavey Industries. “This includes 90 Peavey Mart stores and six MainStreet Hardware locations. The closures and liquidation efforts will commence immediately.”
He added that 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. “The Canadian retail industry is experiencing unprecedented challenges, including record-low consumer confidence, inflationary pressures, rising operating costs, and ongoing supply disruptions along with a difficult regulatory environment. These factors have created significant obstacles for businesses like Peavey.
“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 and 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. 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.
