The 120-year-old Edmonton Downtown Farmers Market is facing closure due to financial hardship.

The market’s not-for-profit association board has recommended that the retail outlet cease operations at the end of January and explore bankruptcy, the group said in a news release.

The organization cannot meet its current financial obligations, particularly the 113-year-old building’s high operating and utility costs during winter months.

A special membership meeting is scheduled for January 27. The board will recommend that the market, which operates year-round, vacate the building by January 28 and consider its immediate future.

The market has operated in the GWG building at 10305 97th Street for the past four years after moving from its former successful outdoor location on 104th Street. Operations have become unsustainable as a result of the move to 97th Street, effects of the COVID-19 pandemic and the downtown east node’s tepid recovery, said the association.

The GWG building is owned by the City of Edmonton. The association and city agreed that the market’s lease would not be renewed. The city is willing to provide funding for a move back to the 104th Street area, where the association would occupy a building year-round and operate the market outdoors.

But the association said it is unable to proceed with those plans because of its financial position. The board hopes that a new group will emerge from the vendor and stakeholder community and investigate options to revive the market.