One in 4 Alberta CEOs say they don’t know if their business can survive this crisis

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Survey comes as one oilfields services company threatens to become the first large energy services firm to go insolvent in the current crisis

CALGARY — One in four chief executives in Alberta are concerned their businesses might not survive the economic collapse triggered by COVID-19, according to a new survey.

“It’s a lot and it’s surprising,” said Mike Holden, the Business Council’s chief economist, noting that survey doesn’t mean those companies will file for bankruptcy — just that they consider it to be a real risk. “This is businesses who think there is some risk.” “Generally speaking, they’re not expecting it to be quick,” Holden said, adding the uncertainty about the depth and duration of the recession has led to a drop in business confidence.

Still, St-Arnaud said he’s expecting to see an increase in insolvencies and business failures as a result of the COVID-19-induced recession. The business closures and insolvencies will likely accelerate in September or October, once federal support programs wrap up, he said.Large and small companies in the province are struggling to stay afloat.

 

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Are they immigrants ?

Our numbers are doing very well, time to open up and take our chances. The survival rate is better than the survival rate of business, that's for sure.. Just be smart and wash your hands.

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