Peavey Mart is closing stores in New Liskeard and Sudbury

‘Changing market dynamics’ drive farm supply retailers to shutter locations deemed underperforming

Peavey Mart stores in New Liskeard and Sudbury are among 22 locations slated to close this spring in Ontario and Nova Scotia as the Alberta-based farm, ranch and hardware retailer begins an organizational restructuring.

In a Jan. 21 press release, Peavey Industries said its strategy is to eliminate underperforming locations and pour more resources into strong performing markets. The release did not mention the number of staff positions that were cut.

The stores in Ontario and Nova Scotia closing before the end of April are: 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. In addition, the Rockland and Hyde Park stores are closing, which was announced earlier.

“The Canadian retail environment has faced significant disruption over the past several years, and Peavey has not been immune to these challenges,” Peavey Industries president-CEO Doug Anderson said in a statement.

“We recognize that difficult decisions like these are necessary to create a more stable foundation for our company’s long-term success. While this is a step forward, it is part of an ongoing process to adapt and rebuild in response to changing market dynamics. ”

Peavey dropped hints about its store rationalization plan earlier this month when it borrowed $155 million from Gordon Brothers, a Boston financial firm, to launch an inventory management program and streamline its real estate holdings, which included an evaluation of its underperforming stores.

Peavey began in 1967 as National Farmway with its first location in Dawson Creek, BC. The chain became known as Peavey Mart in 1975, under American ownership, as a subsidiary of the Peavey Company of Minneapolis. The company returned to Canadian ownership in 1984. In 2017, Peavey Industries LP acquired the London-based TSC stores operating in Ontario and Manitoba with the final call over to the new banner in 2021.