Peavey Mart, the iconic Canadian retail chain based in Red Deer, Alberta, is set to close all 90 of its locations across the country. The announcement, first reported by Retail Insider, marks a significant turn for the company, which has been a staple in Canadian communities for decades.
Store closing signs have begun appearing at Peavey Mart locations, including at the flagship Red Deer store. A staff member at one Alberta location confirmed the news on January 27, 2025, validating reports of nationwide closures. The decision follows a series of closures, including 22 locations in Ontario and Nova Scotia, which were part of an ongoing restructuring effort by its parent company, Peavey Industries.
In an effort to streamline operations and optimize the company’s future, Peavey Industries explained that the earlier closures were a strategic move to reallocate resources and improve its operational efficiencies. This announcement came shortly after Peavey Industries secured $155 million in financing from Gordon Brothers in December 2024 to bolster inventory and drive business improvements.
Peavey Mart has been a part of Canada’s retail landscape since 1967, initially launching as National Farmway in Dawson Creek, B.C. It rebranded to Peavey Mart in 1975 and was later acquired by Canadian owners in 1984. Over the years, the company expanded its presence, including acquiring Ace Brand from Lowe’s Canada in 2020 and Guy’s Freightways in 2023. Notably, Peavey Industries also purchased naming rights for the Westerner Park Centrium in Red Deer in 2021, marking its growing influence in the community.
Despite the closure of its retail stores, Peavey Mart’s history and expansion remain deeply tied to Canada’s agricultural and retail sectors. The company’s efforts to consolidate and streamline its operations come at a time of significant change within the retail landscape, as more businesses seek to adapt to evolving market demands.
Peavey Mart’s closure signifies the end of an era for many Canadian shoppers who have long relied on the retailer for agricultural and hardware needs. As the company adjusts its focus, the future of its remaining assets remains uncertain. Stay tuned for more updates on this developing story.
Swifteradio.com
