Image Credit: Josh Hall / RedDeerNewsNow.com

By Josh Hall / RedDeerNewsNow

Retail Upheaval

Report: Peavey Mart in process of closing all Canadian locations

Jan 27, 2025 | 3:46 PM

RED DEER, AB. — Red Deer-based Peavey Mart is going under and will close all 90 of its Canadian locations, according to a report by website Retail Insider.

‘Store closing’ signs are up at the Red Deer store this week, and many others.

On Jan. 27, a staff member at an Alberta Peavey location told Pattison Media Alberta that the news of closures across the board is accurate.

It was just last week its parent company, Peavey Industries, announced it would close 22 Peavey Mart locations in Ontario and Nova Scotia as part of organizational restructuring.

At the time, it was said those closures were part of a measured strategy to optimize the company’s footprint, reallocate resources, and ultimately strengthen Peavey Industries’ future.

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Just a few weeks ago, on Dec. 31, 2024, Peavey Industries announced it had secured $155 million in financing from Gordon Brothers to obtain inventory and drive operational improvements.

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It was March 2021 when Peavey Industries announced it would build a new flagship location in Red Deer, which is the same city in which the company’s headquarters are situated.

Four months later, the company purchased naming rights to the Westerner Park Centrium, the home of the WHL’s Red Deer Rebels. That deal was slated to last five years. It was also said at that announcement that Peavey would become Westerner Park’s official agricultural supply partner.

Prior, in March 2020, Peavey Industries acquired Ace Brand from Lowe’s Canada, and in June 2023, it purchased Guy’s Freightways.

Peavey Mart’s roots go back to Canada’s centennial year, 1967, when it began as National Farmway, with the first location opening in Dawson Creek, B.C., according to the company website.

In 1975, it became Peavey Mart, a subsidiary of Peavey Company, based in Minneapolis, and then in 1984, it returned to Canadian ownership, which is where it has remained to this day.

Expansion came in 2017 with the acquisition of TSC stores Ontario and Manitoba. It also runs stores under the MainStreet Hardware in various Alberta locations.

rdnewsNOW has reached out to Peavey Industries and Gordon Brothers for official statements, and will update this story when they provide one.