Peavey Mart stores in New Liskeard and Sudbury are among 22 locations slated for closure this spring in Ontario and Nova Scotia as the Alberta-based farm, ranch and hardware retailer begins an organizational restructuring.
In a Jan. 21 news release, Peavey Industries said its strategy is to eliminate underperforming locations and pour more resources into markets with strong performances. The release did not mention the number of staff positions being cut.
The stores in Ontario and Nova Scotia that will close before the end of April are: Arnprior, Bedford, Bowmanville, Brockville, Chatham, Collingwood, Cornwall, Goderich, Grimsby, Kingston, Kitchener, Lambeth, Mount Forest, New Liskeard, Sarnia, Smiths Falls, St. Catharines, St. Jacobs, St. Thomas, Sudbury, Woodstock, and Uxbridge. Additionally, the Rockland and Hyde Park stores are closing, which were announced earlier.
“The Canadian retail environment has faced significant disruption over recent years, and Peavey has not been immune to these challenges,” said Peavey Industries president-CEO Doug Anderson in a statement.
“We recognize that difficult decisions like these are necessary to create a more stable foundation for the long-term success of our business. While this is a step forward, it’s part of an ongoing process to adapt and rebuild in response to changing market dynamics.”
Peavey dropped hints on its store rationalization plan earlier this month when it borrowed $155 million from Gordon Brothers, a Boston financial services company, to launch an inventory management program and streamline its real estate holdings, which included an evaluation of its underperforming stores.
Peavey started out in 1967 as National Farmway with its first location in Dawson Creek, B.C. The chain became known as Peavey Mart in 1975, under American ownership, as a subsidiary of Peavey Company of Minneapolis. The company returned to Canadian ownership in 1984. In 2017, Peavey Industries LP acquired the the London-based TSC stores operating in Ontario and Manitoba with the final conversation over to the new banner in 2021.
