Peavey Mart, a Canadian-based retailer that was established right here in Winnipeg, is closing down all of its stores in Canada.
Liquidation sales have started all stores nation wide and will run until all inventory is gone. The current liquidation sale is at 30% OFF.
Due to to financial struggles, the original plan was to close 22 underperforming Peavey Mart locations. However, it now appears that the company’s financial difficulties are insurmountable and it will close all 90+ stores across Canada.
There are two Peavy Mart locations in Winnipeg:
- 1150 Nairn Ave
- 2860 Pembina Hwy
Peavy Marts Establishment in Winnipeg in 1967
The company was founded in Winnipeg in 1967 as National Farmway Stores, a division of the Minneapolis-based Peavey Company’s National Grain division. Its first store opened in Dawson Creek, British Columbia. In 1974, Peavey Company sold National Grain but kept the National Farmway Stores, which was rebranded as Peavey Mart. In 1982, Peavey Company was acquired by ConAgra, which planned to close the Peavey Mart chain due to poor performance. However, in 1984, Peavey Mart was bought by its management team, including Rick Anderson (father of current CEO Doug Anderson), making it a 100% Canadian-owned business.
Facebook Message from Peace River Alberta Peavey Mart Manager
Peace River Community,
It is with regret that I inform you of the upcoming closure of Peace River Peavey Mart, along with all other Peavey Mart locations across Canada. While many details are being kept confidential, I will keep you updated as we receive more information from the corporate team. At this time, I do not have a time frame; my best guess is 3 to 6 months.
Until an official statement is released by the company, I can only offer my personal perspective on the situation. Since 2016, Peavey Mart has expanded rapidly, acquiring over 70 stores in Eastern Canada, opening new stores, and acquiring several other businesses. However, growth was met with challenges, including a decline in business levels and rising interest rates. Unfortunately, many of the acquired stores did not prove profitable, and the company’s efforts to adjust did not have the desired results.
As a last resort, Peavey partnered with Gordon Brothers, an American investment firm, which I believe now holds a majority stake in the company and are making all decisions going forward. It appears the current plan may be to liquidate and close all locations, with potential rebranding, though which stores will remain open is still uncertain.
Please note that this is my personal opinion, and I am sharing it to help clarify the situation for our valued customers. I kindly ask that you direct any concerns toward our corporate offices, as these decisions are beyond the control of the staff here in the store.
We have worked diligently to serve you, and we appreciate your understanding during this time. It’s difficult to come to terms with the closure of so many profitable locations in Western Canada, with Peace River being one of the most notable. The Peace River location recently achieved top sales growth company-wide, consistently delivering a healthy profit despite Peavey’s constant inventory challenges.
I would like to express my sincere gratitude to all of our customers. It has been a pleasure serving the Peace River community, and I will miss it when our time here comes to an end. If you have any questions, please feel free to visit the store, and I will do my best to provide answers. At the current moment, the company has told us they are not ready to make a statement yet.