Peavey Mart, Canada's largest farm and ranch retail chain, is closing all 96 of its locations, citing 'unprecedented challenges' in the industry. The closures will begin immediately, with the company aiming to generate liquidity and explore potential opportunities for the future.
Peavey Mart has confirmed it will close all of its locations in Canada, a development one analyst called “a sad day in retail.”
Peavey Industries LP, the owner of what it describes as Canada’s biggest farm and ranch retail chain, made the announcement Monday night.“The closures and liquidation efforts will commence immediately,” it wrote in the press release.“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 a statement.
“The Company’s 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,” the company wrote.The company previously said in another press release last week that it was closing 22 stores in Ontario and Nova Scotia before May, saying it is positioning itself for “future sustainability.
Winder expects Home Hardware, Home Depot and Amazon will likely pick up the business, though he said consumers appeared to be sad about the news on social media.
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