What was rumoured, is true. Peavey Industries LP, Canada’s largest farm and ranch retail chain, announced last evening that it has obtained an Initial Order for creditor protection under the Companies’ Creditors Arrangement Act (CCAA) from the Court of King’s Bench Alberta.

In a news release the Company says it will now begin store closing sales at all remaining locations across Canada. This includes 90 Peavey Mart stores and six MainStreet Hardware locations. The closures and liquidation of stock will begin immediately.

Citing record-low consumer confidence, inflationary pressures, rising operating costs, and ongoing supply disruptions along with a difficult regulatory environment, Peavey says the Canadian retail industry is experiencing unprecedented challenges.

President and CEO of Peavey Industries LP, Doug Anderson says, “For nearly six decades, our customers’ loyalty, employees’ dedication, and the resilience of the communities we serve have been the cornerstone of our business.”

Saying it was a profoundly difficult decision, Anderson adds, “We remain focused on working with our partners and stakeholders to preserve the Peavey brand and the value it represents.”