The closure yet again of Alaska's most lucrative crab fishery has sent fishing and processing companies reeling, and has some fearing bankruptcies and significant job losses.

Citing low populations, the Alaska Department of Fish & Game (ADF&G) and the National Marine Fisheries Service (NMFS) announced Sunday they would cancel the red king crab fishing season in Bristol Bay, the second consecutive year and only the second time in the past 25 years it has been closed.

In addition, the agency also closed harvesting for snow crab in the Bering Sea and blue king crab in some areas.