Events industry anticipates majority of businesses will go under by 2021

Photo by KATU’s Mike Warner

But one industry doesn’t have that option.

The Live Events Industry of Oregon (LEIO) released a survey to business owners this week to ask, how much longer can you hold on?

Close to a thousand people responded. More than 20% expect to go out of business by the end of October. That number jumps to over 70% by January.

“They simply can’t commit to a business where they don’t know when it’s going to be operating again. At some point without additional PUA for them, or without support for us to bring them on in some limited fashion, they simply have to go somewhere else to support their families,” LEIO president Dwayne Thomas said.

Kimberly Morrill, the vice president for the LEIO, tells KATU News that many vendors are continuing to work around COVID-19 restrictions to stay afloat.

“It’s them doing what they need to pay the bills. I would also say that some folks don’t even necessarily know that they aren’t abiding by the rules just due to the lack of clarity,” Morrill said.

Thomas said he can go on by borrowing money, and cashing in a life insurance policy, a step many in his industry are taking.

“We’re still going to be saddled with debt. We’re having to borrow most of this. We’re also whittling away things that we’ve spent 10, 20, 30, 40 years working on to save for a little thing called retirement,” he said.

As far as when the industry will be back up and running in it usual capacity, Thomas said he doesn’t anticipate that will happen until 2022.

Author: Megan Allison

Original Website: Click Here

No Comments

Sorry, the comment form is closed at this time.