‘Shifting market trends’ prompt farm supply retailer to close locations seen as underperforming
Peavey Mart locations in New Liskeard and Sudbury are part of 22 stores set to close this spring across Ontario and Nova Scotia, as the Alberta-based farm, ranch, and hardware retailer embarks on a restructuring effort.
In a news release on Jan. 21, Peavey Industries announced its plan to shut down less successful stores while focusing more resources on areas where business is thriving. The statement did not specify how many jobs would be affected.
The Ontario and Nova Scotia stores that will close by the end of April include: Arnprior, Bedford, Bowmanville, Brockville, Chatham, Collingwood, Cornwall, Goderich, Grimsby, Kingston, Kitchener, Lambeth, Mount Forest, New Liskeard, Sarnia, Smiths Falls, St. Catharines, St. Jacobs, St. Thomas, Sudbury, Woodstock, and Uxbridge. Earlier announcements also included closures for the Rockland and Hyde Park stores.
“The Canadian retail environment has faced significant disruption over recent years, and Peavey has not been immune to these challenges,” said Peavey Industries president-CEO Doug Anderson in a statement.
“We recognize that difficult decisions like these are necessary to create a more stable foundation for the long-term success of our business. While this is a step forward, it’s part of an ongoing process to adapt and rebuild in response to changing market dynamics.”
Peavey hinted at its store consolidation strategy earlier this month when it secured $155 million from Gordon Brothers-a Boston financial services firm-to kick off an inventory management program and assess its real estate holdings which included evaluating underperforming stores.
Founded in 1967 as National Farmway with its first store in Dawson Creek B. C., the chain became known as Peavey Mart in 1975 under American ownership as a subsidiary of Peavey Company based in Minneapolis. It returned to Canadian ownership in 1984. In 2017 Peavey Industries LP acquired London-based TSC stores operating in Ontario and Manitoba with the final rebranding completed by 2021.
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