加拿大知名零售商Peavey Mart宣布关闭所有门店

加拿大知名零售商Peavey Mart宣布关闭所有门店

Iconic Canadian retailer Peavey Mart will be closing all of its stores across the country. This comes after the company announced last week that it would be closing 22 stores in Ontario and Nova Scotia. Now, the remaining 90 Peavey Mart stores and six MainStreet Hardware locations across Canada will also be shut down.

Peavey Mart, Canada's largest farm and ranch retail chain headquartered in Red Deer, Alberta, confirmed on Monday evening that it would be closing all of its stores. The company has sought and obtained an Initial Order for creditor protection under the Companies’ Creditors Arrangement Act (CCAA) from the Court of King's Bench Alberta.

The closures and liquidation efforts will commence immediately. The company stated that the decision to seek creditor protection and close all stores was made after a thorough evaluation of available options, adding that 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."

"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," added Anderson.

The chain added that its 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.