SAULT PEAVEY MART ANNOUNCEMENT COMPLETED CLOSING

A hardware and rural lifestyle shop at the northern end of the city is closing its doors on an even unpublished date.

Last week, Peavey Mart announced The upcoming closure of 22 stores over Ontario and Nova Scotia. Originally SUULT STE. Marie Store was not on that list.

However, signs have now been sent in the front window that advertises Sault Ste. Marie location also closes.

A manager who refused to comment on this story and instructed Sootoday To contact the head office, which will be open Monday.

Stores in New Liskeard and Sudbury are among the nearly two dozen stores already announced to close this spring.

In a news message January 21, Peavey Industries said its strategy is to eliminate under -priesting locations and pour more resources into markets with strong performance. The release did not mention the number of staff positions that were cut down.

The stores in Ontario and Nova Scotia, which close 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, Rockland and the Hyde Park shops close, which were announced earlier.

“The Canadian retail environment has been subject to significant disturbance in recent 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 needed to create a more stable foundation for our long -term success for our business. While this is one step forward, it is part of an ongoing process to adapt and rebuild in response to changing market dynamics. ”

Peavey fell hints at its store rationalization plan earlier this month when it borrowed $ 155 million from Gordon Brothers, a Boston Financial Services Company, to launch a inventory management program and streamline its property possession, which included an evaluation of its underpinning stores.

Peavey started in 1967 as a national Farmway with its first location in the Dawson Creek, the BC 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, the Peavey Industries LP acquired the London-based TSC stores operating in Ontario and Manitoba with the last conversation over to the new banner in 2021.

Before 2020, many Peavey Mart stores became known as TSC shop, but that name was changed as part of a redirection strategy.

– With files from Northern Ontario Business