Peavey Industries LP has confirmed that it has begun closure and liquidation efforts company wide. Following the previously announced closure of 22 stores in Ontario and Nova Scotia, the company says it will now begin closure efforts across all 90 of its stores in Canada, in addition to its six MainStreet Hardware locations. In a news release dated Jan. 27, the company announced that it had sought and obtained creditor protection from the Court of King’s Bench of Alberta. The company said the decision to seek creditor protection and close all stores was made after a, “thorough evaluation of available options.” It noted that the Canadian retail industry has experienced unprecedented challenges in recent years, including low consumer confidence, inflationary pressures, rising operating costs in addition to 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,” Peavey Industries President and CEO Doug Anderson, said in the news release. “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 went on to say that its immediate priority is to generate liquidity through the closure process while working with its funders, partners and stakeholders to explore potential opportunities to preserve its brand. Regular updates to the process are expected. Peavey Mart operates 13 locations in Saskatchewan, spanning from Regina and Saskatoon to Humboldt and Assiniboia.
