Of the 8th Ave businesses specifically mentioned in this article I know a bit about Riley & McCormick. That company has been downsizing for years, perhaps two decades. The latest downturn in Alberta's economy is just the final straw for that failing business. Riley & McCormick, sadly, had fallen behind the market for its products. 

Restaurants, bars, and pubs fail during booming economies and during contracting economies. The hospitality industry is notorious for its high failure rate.