Energy crisis squeezes smaller companies that power Europe’s economy

Europe’s energy crisis is squeezing the small and medium-sized businesses that form the backbone of the continent’s economy, prompting some business owners to scale back production or close stores.

Katrien Vandenheuvel recently decided to close her family’s grocery store in a village outside Antwerp, Belgium, after realizing she had to sell about 3,000 more loaves of bread each month to cover higher gas bills. The store has already charged higher prices for baked goods and cheese than chain stores, she says. Cost-covering price increases would have driven more customers away.