The number of businesses to shutter their doors in Calgary during the economic downturn continues to grow.

This year, more than 4,100 businesses have closed. In the first seven months of 2015, approximately 3,500 companies halted operations.

Eurotech Cycle is one of the latest victims of the struggling economy.

The business was opened by a Calgary couple in 1992. The pair had planned to keep their company going for a few more years before their retirement, but the downturn hastened their departure.

“At the end of October we will be closing,” said Almeda Wilks, co-owner of Eurotech Cycle. “We tried to sell the business, and had one offer, but the economy is not the best to sell a bike shop.”

“To get into it, you’d need anywhere from $300,000 to $400,000.”

Demand for bike sales and repair services have plummeted of late. The owners have weathered previous recessions but the current downswing has been especially tough.

The Canadian Federation for Independent Business says the fragility of local businesses should serve as notice for the government that it’s time to rethink piling on additional operating costs including property tax hikes, the new carbon tax and an increase to Alberta’s minimum wage.

With files from CTV's Alesia FIeldberg