Peavey Mart closing all Canadian stores, obtained creditor protection
What’s going on at Peavey Mart?
Peavey Industries LP, the parent company of Peavey Mart, is closing all 90 of its Canadian stores.
The farm and ranch retail chain announced on Jan. 27 that it obtained creditor protection under the Companies’ Creditors Arrangement Act (CCAA) from the Court of King’s Bench in Alberta.
“This was a profoundly difficult decision, but one that allows us to explore the best possible alternatives for the future of the company,” Doug Anderson, President and CEO of Peavey Industries, said in a statement.
“For nearly six decades, our customers’ loyalty, employees’ dedication and the resilience of the communities we serve have been the cornerstone of our business. We remain focused on working with our partners and stakeholders to preserve the Peavey brand and the value it represents.”
The bombshell announcement comes just days after the company said it would shutter at least 22 stores in Ontario by the end of April.
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How does bankruptcy affect current employees?
Bankruptcies in Canada often lead to layoffs. Additionally, terms of employment (i.e. salaries, benefits, etc.) could change.
LEARN MORE
• Changes to your job in Ontario: Employee rights
• What Albertans need to know about changes to their job
• Job changes in British Columbia: What employees need to know
However, the specific effects depend on whether your employer is shutting down permanently or restructuring so that it can continue to operate.
💡KEY RESOURCE: For a broader understanding of your rights in the event of a bankruptcy, visit Bankruptcy in Canada: Guide for Employees
New year, major layoffs
The decision to close all of Peavey Mart’s locations in Canada comes amid a flurry of layoffs to kick off 2025.
Big names, including Shopify, BP, Microsoft, Meta, Hudson’s Bay and Wayfair, are scaling back their staffing levels as they continue to navigate challenging economic conditions.
SEE ALSO
• Canada’s immigration department slashing workforce by 25%
• Amazon Layoffs: Nearly 14,000 managers could be axed to cut costs
• Where are layoffs happening in Canada?
Disclaimer: The materials above are provided as general information about the rights of non-unionized employees in Canada. It is not specific to any one company and SHOULD NOT be read as suggesting any improper conduct on the part of any specific employer, or a relationship between Samfiru Tumarkin LLP and a specific employer.