Peavey Mart is closing all of its shops, together with those in Essex, Leamington, and Chatham.
On Monday, the corporate sought and obtained an Preliminary Order for creditor safety beneath the Firms’ Collectors Association Act (CCAA) from the Courtroom of King’s Bench Alberta and can shut all 90 Peavey Mart shops and 6 MainStreet {Hardware} areas.
The closures and liquidation efforts will begin instantly.
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“The decision to seek creditor protection and close all stores was made after a 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 chain disruptions. These factors have created significant obstacles for businesses like Peavey,” an organization assertion stated.
The Canadian retailer had been in enterprise for almost 60 years, predominantly serving rural communities.
“For decades, Peavey Mart has supported local events, funded charities, and worked to strengthen the communities we call home. If you’ve ever benefited from one of our partnerships or seen the impact of our initiatives, we humbly ask for your continued support to help us work through this challenging time,” the assertion concluded.
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