Over 2,500 businesses closed their doors in Buenos Aires City, Greater Buenos Aires and La Plata in January, a new survey has revealed.
Debt is one of the main factors behind business closures, which totalled 2,536 in two of Argentina's most important metropolitan areas, the Quarterly Economic Survey (EME) reported.
The EME is prepared by the NGO Defendamos Buenos Aires and the Miglino y Abogados firm. A total of 120 people collaborated in the preparation of the investigation, they reported.
"This is the worst January we have measured in five years. There were never as many closed businesses," said Javier Miglino, from Million y Abogados. "We found an average 82 closures per day" in January.
"Many businesspeople and small businesses have created crisis committees to address the debts they cannot restructure. They even try to renegotiate those debts with banks, which charge more than 100 percent annual interest, as well as with their employees and providers", Miglino added.
The worst hit industries, according to the report, were Women's Apparel and Shoes, Gastronomy, Men's Apparel and Shoes, Hardware, Agencies, and Car Repair Workshops.
The report estimated 10,144 workers had been impacted by the closures.