Taipan bakery closure in Hong Kong again emphasises need for businesses to adapt
The closure of well-known bakery chain Taipan Bread & Cakes, after 41 years in business, is the latest blow to Hong Kong's struggling food and beverage sector. There had been signs all was not well, so the company's demise is not a complete surprise. Three branches at MTR stations had already shut, and the usual mid-June recruitment of staff to make and package mooncakes did not materialise.
But the loss of the bakery, which pioneered the production of 'snow skin' mooncakes in 1989, will be lamented by loyal customers and staff who stayed with it until the end. It was recognised as one of the city's top brands by the Hong Kong Brand Development Council.
The company was, however, drawn into controversy in 2019 when the founder's son, Garic Kwok, then a director, posted criticism of the police on social media during anti-government protests.
This in turn drew criticism from state media and a backlash from mainland consumers. Taipan products were removed from supermarket shelves and online retail platforms.
Kwok deleted the posts and apologised. The company distanced itself from his actions, but the damage was done. The bakery was sold in 2021. This did not prevent its eventual decline.
Now, the priority is to ensure Taipan employees receive their outstanding pay and other entitlements. The company is estimated to have debts of more than HK$38 million and recently stopped paying wages or making Mandatory Provident Fund contributions.
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