Peavey Mart has announced the closure of 22 stores across Ontario and one location in Nova Scotia as part of a restructuring strategy aimed at repositioning the company for sustainability and growth. The decision, confirmed on Tuesday, has stirred concerns among employees and community members dependent on these outlets for supplies.
The affected stores are spread across several municipalities, including Chatham, Sarnia, Goderich, and Collingwood, among others. Peavey Industries LP, the parent company of Peavey Mart, is set to complete these closures by April 2025. Doug Anderson, the President and CEO of Peavey Industries, spoke about the challenges the retail environment has faced recently, stating, “The Canadian retail environment has faced significant disruption over recent years, and Peavey has not been immune to these challenges.”
This comprehensive restructuring effort, emphasizing optimization of retail locations, has led to the decision to close underperforming stores. “This restructuring effort is acritical step toward building a sustainable future for our company,” the company’s official statement read. The closures will impact numerous communities, and Peavey Industries has recognized the importance of providing support to employees during this transition. Jest Sidloski, VP of Customer Experience, assured, “While these closures are a necessary step, we remain committed to make every effort of returning to the value-driven, reliable service our customers have come to expect over the past six decades.”
Local governments and residents have expressed their dismay, highlighting the potential economic toll on small towns. Across various regions, Peavey Mart stores serve as significant providers of supplies and services for rural areas. The company noted, “We are working closely with our team members to provide resources, career assistance, and severance packages where applicable,” emphasizing their commitment to support those affected by this decision.
The full list of impacted locations includes stores located at Arnprior, Bedford, Bowmanville, Brockville, Cornwall, Grimsby, Kingston, Kitchener, Lambeth, New Liskeard, Smiths Falls, St. Catharines, St. Jacobs, St. Thomas, Sudbury, Woodstock, Uxbridge, and more. Notably, the store at the Southridge Mall will also be one of those closing.
The company’s roots date back to 1967 when it started as National Farmway, later transforming to meet changing market needs. Over the years, Peavey Mart evolved significantly and even rebranded TSC stores after acquiring them. Now, with approximately 90 stores across Canada, this restructuring reflects the company’s efforts to adapt to contemporary retail challenges.
Peavey Industries is engaging Gordon Brothers Realty Services, LLC to facilitate the transition, ensuring the process is as smooth as possible for employees and the communities impacted. “To our employees, we cannot thank you enough for your hard work, resilience, and passion,” stated the company, acknowledging the heartfelt contributions of its workforce as the ‘heart of Peavey Mart.’
Looking toward the future, Peavey is committed to enhancing its e-commerce presence and reallocates resources toward stronger market performances. Peavey’s long-standing legacy of catering to the needs of rural customers has earned it trust over its decades of service. This restructuring marks the beginning of broader changes, and the company reassures its client base of its dedication to delivery quality goods and services amid these challenges.
With the closure of these stores, Peavey aims not just to eliminate losses but to create a more stable foundation for long-term success. Local responses remain mixed, but the company hopes its strategic changes will lead to renewed growth and service stability across its remaining locations. The community’s loyalty and support have been invaluable to Peavey over the years, and as the company navigates this challenging restructuring, it will need to rely heavily on its lasting customer relationships.
While change is often met with resistance, Peavey Industries looks forward to redefining its brand identity within the rapidly changing marketplace. With intentions to reinforce commitment to customers and core values, the company promises to remain focused on delivering what matters to communities, both during and after the restructuring process.