EDMONTON -- A day after Northlands announced the cancellation of the K-Days parade, participants wonder if the century-old event can be saved.

"That's sad. That's very, very sad," Bruce Hogle said on Saturday. Hogle is a member of the Shriners, and a former news director of CTV Edmonton, then CFRN TV, he has fond memories of the parade, both as a participant and a broadcaster.

"Without question Klondike days itself and Klondike days parade was something we looked forward to almost on a par with Christmas," he said.

Edmonton’s Downtown Business Association is also voicing its concerns about the cancellation of the parade, saying the fair is no longer a city-wide event.

"We would've loved to have the opportunity to sit around the table and say how could we make it work? Even if it's a little smaller," said Ian O’Donnell of the DTBA.

Hogle agrees. He wonders if local businesses wouldn’t come forward to save the parade.

"Banks for example, maybe service clubs might come forward and spend some money to participate and keep these parades going," he said.

"It was a very, very difficult decision to make, but at the same time we believe in our product our fair product and we want to enhance that that’s our concentration at this point," said Northlands CEO Peter Male on Friday.

Northlands said declining attendance and the $160,000 price tag were among the reasons for cancelling the event.

With files from CTV News Edmonton's Sarah Plowman