Staff at Peavey Mart in Chatham received their notices recently that the store will close in April.
They’re not alone.
Peavey Industries will shutter all 90 Peavey Marts across the country, and six MainStreet Hardware locations. The company has sought and obtained an Initial Order for creditor protection under the Companies’ Creditors Arrangement Act from the Court of King’s Bench of Alberta.
According to the company, the decision to seek creditor protection and close all stores was made after “thorough evaluation of available options, in consultation with legal and financial advisors.”
The Canadian retail industry is experiencing unprecedented challenges, including record-low consumer confidence, inflationary pressures, rising operating costs, and ongoing supply disruptions along with a difficult regulatory environment, the company said.
“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 media release. “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.”
Peavey Mart is Canada’s largest farm and ranch retail chain.
Chilled Cork closing; new one opening
According to a social media post that appeared Friday morning, the Chilled Cork Restaurant will be closing its doors Feb. 28.
The restaurant, attached to the Retro Suites hotel at the corner of King and William streets in Chatham, has been a popular spot for not only hotel customers, but the general public alike.
Restaurant management, in its post, stated, “It has been an incredible ride, with joy, excitement, challenges and memories that will last a lifetime. To our incredible guests and supporters, thank you.”
Also on Friday, it was announced that Suite 46 will be the name of the eatery taking the Chilled Cork’s place. Renovations are to begin March 1. No timeline as of yet on when it will open.
Gift cards for the Chilled Cork will be accepted until the end of February.
Chamber issues statement on economy
The Chatham-Kent Chamber of Commerce recently announced its position on the pending tariffs Canadian business could face from the U.S.
“While challenges are undoubtedly present, Chatham-Kent’s economic fundamentals remain strong. Our diverse economy, skilled workforce, and strategic resources position us well to navigate the new trade landscape,” chamber chair B.J. Griffiths said in a media release. “By focusing on innovation, strengthening our competitiveness, and articulating our shared values around the world, we are turning potential challenges into opportunities for growth and collaboration.”
Chamber officials added the potential tariffs, and the rhetoric around challenging the sovereignty of Canada is a situation that is “challenging and unsettling.”
However, officials added Canada’s economic resilience and a united front are reasons for confidence.
“Engaging with our American partners is essential for fostering a prosperous economic future,” Rory Ring, CEO and president of the chamber said. “It’s crucial that we advocate for policies that benefit both nations while addressing emerging global challenges.”
- Business Voice is a bi-monthly column in The Chatham Voice that highlights some of the achievements made and efforts underway in Chatham-Kent’s business community. Send your information to [email protected].
