Peavey Mart to close 12 Sask. locations, all Canadian stores

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Long a fixture in rural communities and small towns, Peavey Industries LP says it is closing its stores across Canada, including a dozen locations in Saskatchewan.

In a statement, the company said store-closing sales will take place at 90 Peavey Mart stores and six MainStreet Hardware locations, as it has obtained an initial order for creditor protection.

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In Saskatchewan, there are Peavey Mart stores in Saskatoon, Regina, Prince Albert, North Battleford, Humboldt, Kindersley, Yorkton, Moose Jaw, Swift Current, Assiniboia, Weyburn and Estevan. There is also a location in the Saskatchewan-Alberta border city of Lloydminster.

Liquidation sales began over the weekend, marking the end of a company that has served rural and small-town communities for nearly six decades.

Peavey Mart got its start in Dawson Creek, B.C., in 1967 under the National Farmway name but changed names to Peavey Mart in 1975, when it was a subsidiary of Peavey Company of Minneapolis. It returned to Canadian ownership in 1988. The closures include the flagship store and headquarters in Red Deer, Alta.

“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 LP president and CEO Doug Anderson said in a statement.

The closures represent a major shift in the Canadian retail sector, particularly in rural areas where Peavey Mart has been a trusted name.

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The decision leaves employees and communities across the country facing significant uncertainty. For almost 60 years, the chain provided resources to farmers, ranchers, and homeowners, becoming a staple in the communities it served.

The chain’s rise was marked by significant expansions, including its 2016 acquisition of TSC Stores, which helped Peavey Mart gain a foothold in Ontario. In 2020, Peavey Industries acquired the Canadian master licence for Ace Hardware, adding 107 locations to its portfolio. However, the partnership ended in 2024, and Peavey refocused on its own brands.

Despite the efforts, the company faced increasing financial challenges.

In its attempt to remain viable, Peavey Industries secured a $155 million financing package from Gordon Brothers. This included a revolving credit facility, a term loan, and a consignment program aimed at supporting restructuring efforts. The company also worked with Gordon Brothers to provide transitional support for employees and affected communities.

Still, the financial relief was insufficient to sustain operations.

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Peavey Industries LP said the decision to seek creditor protection and close its doors is due to several factors, including record-low consumer confidence, increased operating costs and continued disruptions to the supply chain.

The company confirmed recently it was closing 22 Peavey Mart stores across Nova Scotia and Ontario. The owner of the Peavey Mart farm and outdoor goods stores had said those 22 stores would close by April.

— With Postmedia Network files

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