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.