This is true. I know a lot of businessmen who were forced to either shut down their business or sell it at such cheap price due to inflation. It is best to remember that the rich also consumes, they also buy from the market and hence they also feel the effects if inflation especially for their businesses. Yes, they are forced to sell their goods and services higher but it also cost them clients and customers who cannot afford the sudden spike in the rate.
And when inflation is high and money is scarce people will begin to cut on all kind of superfluous expenses in order to buy what they really need, so if a business is selling goods that while necessary they are not really indispensable then they will see a serious drop on their sales, this is what affected a great deal of businesses during the pandemic and a great deal of those businesses are still struggling as now people learned to live without those goods anyway and the demand never recovered.