Filing Bankruptcy in Burnaby
We are a fully Licensed Insolvency Trustees with a local office in Burnaby and several other locations throughout the Province of British Columbia.
If you are considering filing bankruptcy or are in current financial difficulty and you live in Burnaby or surrounding areas, learn more about our services below.
What We Are Noticing in Burnaby:
Burnaby residents face uncertainty with mounting retail losses. The retail industry has suffered tremendous losses in the wake of the COVID-19 pandemic. In the past few months, high-profile closures have included Addition-Elle, Thyme Maternity, David’s Tea and more recently Le Chateau. Retailers who have reopened continue to see losses and need to shift how they conduct business. With the original lockdown, a slow reopening, social distancing, and reduced customers, the retail workforce has become even more vulnerable than before. Online purchasing has become the norm, and consumers have significantly reduced their visits to brick-and-mortar stores.
Emergency subsidies and other measures taken by the federal and provincial governments have assisted retailers with covering wages and rent. Still, these were always meant to be temporary measures and cannot be counted on in the long run and cannot make up for what may become permanent shifts in consumers purchase of products.