Twenty-two Peavey Mart locations across Ontario and Nova Scotia are closing.
The list includes the St. Thomas outlet on Edward Street and the Lambeth store.
All of the stores will be shuttered by the end of April.
In a media release, President and CEO Doug Anderson noted the Canadian retail environment has faced significant disruption over recent years and, “Peavey has not been immune to these challenges.”
He added, the company is aiming to rebuild the business by adapting to the economic changes and challenges Canada is facing.
Anderson continued, “We recognize that difficult decisions like these are necessary to create a more stable foundation for the long-term success of our business. While this is a step forward, it’s part of an ongoing process to adapt and rebuild in response to changing market dynamics.”
According to the release, the company has engaged Gordon Brothers Realty Services, LLC, a global leader in real estate advisory, to ensure a seamless transition for employees, communities, and all stakeholders involved.
Peavey Industries, a powerhouse in western Canada, finalized the purchase of TSC Stores at the end of 2017 and vice-president of marketing, Jest Sidloski, said at the time combining the two banners into a single marketing entity will lead to efficiencies while continuing to offer the same unique products and services.
In the media release Sidloski stressed, “This is only the beginning of a larger effort to strengthen our operations, and we ask for your continued patience and support as we adapt to better serve you in the future.”
Written by Ian McCallum
