Many B.C. businesses still find COVID\u002D19 recovery a tough go with revenues that haven\u0027t matched pre\u002Dpandemic levels and rising costs.
Instead, his business was crushed by a customer base that largely just stayed home during COVID-19 restrictions and haven’t returned in enough numbers to help with the rent increase he was hit with in January, rising insurance costs and increasingly expensive prices to stock inventory.
“It’s just the accumulation of all these” things, said Annie Dormuth, the federation’s director of provincial affairs for B.C. Nationally, the CFIB survey found that business bankruptcies have increased since mid 2021, but that only represents “the tip of the iceberg” of struggling businesses. Many would simply close their doors before needing to declare bankrupty.Article content
The survey found that 51 per cent of B.C. businesses haven’t recovered to pre-pandemic revenue levels and 56 per cent still carried pandemic debts. “That’s really significant. You are hitting business literally when they’re down with punitive increases that they can’t sustain,” Kirby-Yung said. “Now it’s hit this peak and you can’t get another bike until, I think, 2023,” McFadden said, and “shipping goods from Asia, I think it’s doubled if not tripled” in cost.
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