International industrial sales group Ritchie Bros. Auctioneers is closing five locations across North America, including Prince George, to focus on online sales and larger locations.
In an email to employees, company CEO Ravi Saligram said the closure of small sites comes as more people are taking part in auctions online rather than in person.
"In fact, over half of all winning RBA bids today come from online bidders," he wrote.
He also said those who attend live auctions prefer to do it at larger locations where more equipment is being sold.
Melissa Barcellos, manager of economic development for the City of Prince George, said she was "very disappointed" by the news.
"While they don't have a large staff, Ritchie Bros. have been attracting people to attend their events from around the region, the province and even sometimes from out-of-country. That impacts hotels, restaurants, spending within the city."
She also said the auctions offered an opportunity to showcase the city as a business destination, and was a way for local businesses to affordably purchase equipment without having to travel.
In a Facebook post, Prince George-Mackenzie MLA Mike Morris said, "This is a blow to Prince George as well as the North."
In 2016, the company set a series of Canadian sales records as a slump in the oil and gas industry in northern Alberta and B.C. led to massive equipment sell-offs, including an entire 1,200-person work camp.
A company spokesperson said around 20 employees will be affected by the closures of small locations which, in addition to Prince George, include sites in Albuquerque, N.M., Manchester, N.H., Raleigh-Durham, N.C. and St. Louis, Mo. and that "where possible" affected employees will be offered jobs elsewhere.
The auctions sites closest to Prince George are Grande Prairie and Edmonton, Alta., as well as Chilliwack, B.C.
The closures will be finalized Dec. 31, and an auction in Prince George is scheduled for Nov. 24.
Ritchie Bros. was founded in Kelowna in 1958 and is headquartered in Vancouver, according to its website. The Prince George branch opened in 1969, and the current facility was opened in 2003.
Today, it has locations throughout Canada, the United States, Europe, the Middle East, Asia and Australia.