TORONTO — Canada’s struggling independent businesses in the arts, entertainment and recreational sectors are at the highest risk of permanently closing due to COVID-19, according to the Canadian Federation of Independent Business.
A new report released by the advocacy group says while some Canadian small- and medium-sized businesses have already been forced to close, it anticipates another one in seven risk going under because of the virus.
Topping those projections is the cultural sector, which includes an array of private businesses, ranging from fitness gyms to live concert venues, film distributors to news organizations.
Roughly 30 per cent of those are at risk of closing, the CFIB found based on a survey of its members who say they’re “somewhat” or “very likely” to wind down their operations due to COVID-19.
If those closures materialized, mid-range estimates suggest around 10,800 businesses across the country could be impacted in that sector alone.
The hospitality sector, which includes restaurants, hotels and caterers, trailed closely behind with about 27 per cent of respondents saying they see a grim future.
