PEI mink farm shuts down, owing millions to province and lenders

PEI mink farm shuts down, owing millions to province and lenders

A mink farm in receivership owes millions to the government of Prince Edward Island and other lenders, another sign that it’s time for Canada to stop propping up a cruel and failing industry.

The CBC reported that Silver Hill Fur Farm filed for bankruptcy in March 2017. At that time, the CBC says, the fur farm owed more than $2.6 million to the Bank of Nova Scotia, and currently PEI is owed nearly $4 million. The government loan of $4 million was made in 2014 to expand operations, according to the CBC.

In 2014, mink pelts from fur farms were selling at auction for more than $120 each. But, as is the case with many commodities, the market was flooded, interest had peaked, and ongoing advocacy efforts by groups like The Fur-Bearers were growing in success. In 2015, mink pelt prices plummeted nearly 50%, and in the ensuing years has averaged around $30 at auction – at or below the cost of production, according to one fur farmer.

The inherently inhumane lives of fur-bearing animals like mink, fox, and others kept on industrial-style fur farms are disturbing enough. But now we can also see that economic hardship will come to many seasonal, part-time workers, suppliers, and others due to a government trying to sustain an unsustainable industry. Fur farms bring suffering – for everyone.

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Established in 1953, The Fur-Bearers is a charitable, non-partisan organization whose goals are to end the commercial fur trade and promote solutions for wildlife coexistence in communities. Your donation is tax-deductible. Charitable registration number: 130006125RR0002

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