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Peavey Mart, the Alberta, Canada-based chain of hardware and agricultural stores announced the immediate closure of all 90 Peavey Mart stores and six MainStreet Hardware locations, the company confirmed via a social media post. The company has obtained creditor protection under the Companies’ Creditors Arrangement Act (CCAA).
In late 2024, Peavey Industries secured a $155 million financing package from Gordon Brothers, a global advisory and investment firm, according to Retail Insider. The package included a $105 million revolving credit facility, a $30 million term loan and a $20 million consignment program. The funds secured were intended to support restructuring efforts and stabilize operations.
Despite these secured funds, the company announced on Jan. 21, 2025, it would be closing 22 underperforming locations in Ontario and Nova Scotia, however, the efforts were not successful in overcoming financial difficulties.
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 chain of stores attributes industry challenges including record-low consumer confidence, inflationary pressures, rising operating costs and ongoing supply chain disruptions as reasons for its decision.
