Six Peavey Mart locations will close across eastern Ontario, as part of a critical phase of restructuring of the company that sells agriculture, farm and ranch, lawn and garden and hardware supplies.
Peavey Industries announced plans this week to close 22 Peavey Mart locations in Ontario and Nova Scotia before the end of April, including stores in Arnprior, Brockville, Cornwall, Kingston and Smiths Falls. The company previously announced plans to close its store in Rockland.
“This decision marks an initial step in the company’s broader efforts to address current challenges, strengthen its operations, and position itself for future sustainability,” Peavey Industries said in a statement, calling the closures a “critical but initial phase” of its restructuring.
“The closures are part of a measured strategy to optimize Peavey’s retail footprint, focusing on reallocating resources to markets with stronger performance while addressing underperforming locations.”
Peavey Mart is a farm and ranch retailer, operating under the banners of Peavey Mart and MainStreet Hardware.
“Farming is a tough life. It’s long hours with very little return in terms of profit. And now there’s going to be further questions as it relates to duties and tariffs and supply management,” said retail analyst Bruce Winder, speaking to agricultural consumers’ habits.
“You look at online shopping, you look at maybe some of the bigger box stores might be playing in some of the farm and rural products, and some rural stores. And realistically, farmers may have driven a little further to buy it at a lot cheaper price than what Peavey was offering.”
The Canadian retail environment has faced significant challenges over the last few years, President and CEO of Peavey Industries LP, Doug Anderson, told CTV News Ottawa in a statement Thursday.
Anderson notes that “Peavey has not been immune to these challenges.“
“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.”
Winder adds “you add in, my assumption around, maybe taking on a lot of debt to buy Tractor Supply, that puts strain on the business model.”
Peavey Mart also operates stores in Kemptville and Pembroke.
According to the company’s website, there are 90 Peavey Mart locations across Canada ranging in size from 10,000 to 48,000 sq. ft. The company started as a national farmway in 1967.
Peavey Industries acquired a controlling interest of TSC stores in 2016 and fully acquired TSC Stores LP at the end of 2017. In 2020, Peavey Industries renamed all TSC stores to Peavey Mart.
“We fully understand the challenges these changes bring to our employees, customers, and the communities we serve,” Jest Sidloski, vice-president of customer experience at Peavey Industries LP said. “While these closures are a necessary step, we remain committed to make every effort of returning to the value-driven, reliable service our customers have come to expect over the past six decades. 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.”
