Unable to Create / Update record for Business Closure.

First, you have to assign the below role (Update Business Closures) to the user.

Second, you have to assign another set of roles to the user:

Go to Service Management tab -> assign Calender entities (Create, Read, Write) roles.

Save and Close Roles record.
Refresh the Business Closures entity record page(http://SERVER:PORT/Organisation_Name/tools/business/business.aspx?pid=02)

Isn't it simple !!!!!