Editor’s note: This story was updated late January 27, 2025 with confirmation of Peavey Industries entering creditor protection.
One of Canada’s largest retailers of farm, ranch and rural lifestyle supplies is closing all its stores across the country and entering creditor protection.
Peavey Industries, which operates 90 Peavey Mart stores and six MainStreet Hardware locations, sought and obtained creditor protection in the Court of King’s Bench Alberta on Monday, January 27, 2025.
The closures and liquidation efforts are to begin immediately.
“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,” the company says, in a statement shared with RealAgriculture.
“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.
The company says its immediate priority is to generate liquidity through the closure process while continuing to work with funders, partners, and stakeholders on potential opportunities to preserve the brand.
The closure of 22 Peavey Mart locations in Ontario and Nova Scotia had previously been announced last week.
In Westlock, Alberta, Darren Dunford, manager of the local Peavey Mart, told RealAgriculture earlier in the day he had been given closure notice, however no timeline had been given by Peavey Industries.
The company secured a C$155 million financing package from U.S.-based Gordon Brothers in December to maintain operations, inventory purchases, and support in rationalization of stores and inventory.
Gordon Brothers is also working in the Canadian market with Toys ‘R’ Us, providing C$120 million in financing as the company closes stores to improve efficiency.
