Denmark’s Kopenhagen Fur will close in 2-3 years, caused by the Danish government’s decision last week to cull all mink in Denmark, the fur auctioneer said Thursday.

Kopenhagen Fur, the world’s largest fur auctioneer, will hold final fur auctions in 2021, 2022 and possibly 2023, the company said in a statement Thursday.

Jesper Lauge, CEO at Kopenhagen Fur, said: "Unfortunately, the loss of the Danish mink production means that the ownership base disappears and therefore, the company's management has decided to gradually downsize the company and make a controlled shutdown over a period of 2-3 years.

"Even the strongest community cannot survive the consequences of the decisions that have now been made," he added.