Peavey Industries has just released a statement confirming it will close all of its stores. The company has obtained creditor protection under the Companies’ Creditors Arrangement Act (CCAA). Following the news last week that Peavey Industries would close 22 stores, Peavey will now begin store closing sales at all remaining locations across Canada.
The Red Deer, Alta.-based farm and hardware retailer has 90 Peavey Mart stores and six MainStreet Hardware locations (We incorrectly stated Peavey has three MainStreet stores in a previous report.—Editor). Calls by Hardlines to stores across the country confirm that liquidation efforts have already commenced.
“This was a profoundly difficult decision, but one that allows us to explore the best possible alternatives for the future of the company,” said Doug Anderson, president and CEO of Peavey Industries LP.
