June Business Closures Improve

There were 56,296 business closures in June, an improvement from May, but still 44 per cent more than in February before the COVID-19 pandemic struck in force in Canada, says Statistics Canada. The number of business closures in across Canada in June was down 5.6 per cent compared with May. The trend observed in June was observed in every province and territory except Quebec, which had a two per cent increase in business closures compared with the previous month. There were also 52,723 business openings nationally in June, 33 per cent more than recorded in May. However, only about one-fifth of all businesses that closed in March or April had reopened by June. This means 14.1 per cent of businesses that were active in February remain closed as of June.