Business & Finance

60 percent of Canadian restaurants at risk of permanent closure due to COVID restrictions

According to a Canadian Survey on Business Conditions (CSBC) release, more than 60 per cent of Canada's restaurants risk having to close their doors for good by November.

Joe Vaughan The Post Millennial
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According to a Canadian Survey on Business Conditions (CSBC) release, more than 60 per cent of Canada's restaurants risk having to close their doors for good by November.

CSBC, produced by Statistics Canada with support from the Canadian Chamber of Commerce, says that 29 percent of accommodation and food service businesses "cannot operate at all with social distancing measures in effect."

To make matters worse, another "31 percent of these businesses will only be able to remain operational for up to 90 days with distancing measures in effect."

To sum these numbers up, almost 60 percent of the restaurant industry could collapse in the next three months. This would be a devastating loss to a section of the Canadian economy that makes up almost 2 percent of GDP. The loss will also effect supplier industries like poultry, dairy and beef.

When COVID-19 restrictions came into effect, 83 percent of businesses in the accommodation and food services industries temporarily closed and two-thirds were forced to lay off some staff. Restaurants Canada says the food service industry lost 800,000 jobs.

Canadian restaurants have been dealing with the economic side effects of COVID-19 all summer, which involve mostly higher operation costs with fewer customers.

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