Peavey Mart Announces Closure of 22 Stores, Including Sault Ste. Marie Location
Peavey Mart, a prominent rural lifestyle and hardware retailer, has confirmed the closure of 22 stores across Ontario and Nova Scotia. This strategic decision aims to address underperforming locations and refocus resources on stronger markets.
Sault Ste. Marie Store Set to Close
While the Sault Ste. Marie store was initially excluded from the closure list, signs posted on its front window now confirm it will also shut down. The closure date has not yet been disclosed. A store manager declined to comment but directed inquiries to the company’s head office.
Stores in New Liskeard and Sudbury, already announced for closure, are part of this broad restructuring plan. These locations will cease operations by the end of April 2025.
Strategic Restructuring for Future Stability
In a January 21 press release, Peavey Industries stated that eliminating underperforming stores is part of a “measured strategy” to enhance the chain’s long-term stability. President and CEO Doug Anderson highlighted the challenging retail environment in Canada, emphasizing the need for tough decisions to ensure future sustainability.
“We recognize that difficult decisions like these are necessary to create a more stable foundation for the long-term success of our business,” said Anderson.
Peavey’s plan includes reallocating resources to thriving locations and implementing a $155-million inventory management program. The financing, secured through Gordon Brothers, will also support real estate evaluations and streamline operations.
Historical Background
Peavey Mart has a long history in Canada. Established in 1967 as National Farmway in Dawson Creek, British Columbia, the company became Peavey Mart in 1975 under American ownership. It returned to Canadian ownership in 1984. The retailer expanded further in 2017 by acquiring the TSC Stores chain, completing their rebranding process by 2021.
Impacted Locations
Peavey Mart operates over 90 stores under its banners, but this closure will significantly reduce its footprint. Locations affected include:
- Ontario: Arnprior, Bowmanville, Brockville, Collingwood, Cornwall, Grimsby, Kingston, Kitchener, and more.
- Nova Scotia: Bedford and other key sites.
Community Reaction
Many customers expressed sadness about the closures. In Orillia, residents lamented the loss of the Memorial Avenue store, which has already begun liquidating inventory. One customer remarked, “I’ve always bought work clothes and hunting supplies here. This closure is a real loss.”
Future Outlook
Peavey Industries faces ongoing challenges in adapting to changing market conditions. The company hopes this restructuring will create a more sustainable future while addressing the needs of its remaining customers.
For further updates, customers are encouraged to check Peavey Mart’s official website or contact local stores.
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