Latest news with #TaipanBread
South China Morning Post
28-06-2025
- Business
- South China Morning Post
Elevated rents a ‘big problem' for Hong Kong restaurants as closures mount
Hong Kong's restaurant industry is bracing for the wave of business closures to continue into the second half of the year with little hope for a quick turnaround, following a string of shutdowns of well-established chains in the city. 'We are worried about the overall situation in the second half of the year,' Simon Wong Ka-wo, president of the Hong Kong Federation of Restaurants and Related Trades, told a radio show on Saturday. Wong cited rent as a 'rather big problem', with industry observers saying that prices remained elevated. However, some landlords had recently reduced rents, and in certain areas, prices dropped by up to 15 per cent over the past six months, he added. 'However, when calculated by cost compared with the Greater Bay Area, especially Shenzhen, our costs are still higher,' he said. 'So, in terms of labour, rent, ingredients, other administrative expenses and promotion, it is precisely the cost-effectiveness that puts immense pressure on operating a restaurant in Hong Kong.' Bakery chain Taipan Bread & Cakes, the inventor of 'snow skin' mooncakes, closed down all of its branches earlier this week after more than four decades in the business, becoming the latest in the list of major chains that have shut down in recent years.
South China Morning Post
26-06-2025
- Business
- South China Morning Post
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.
South China Morning Post
25-06-2025
- Business
- South China Morning Post
199 Hongkongers seek help after closure of ‘snow skin' mooncake inventor Taipan
About 200 employees of a 41-year-old Hong Kong bakery chain, known for its 'snow skin' mooncakes, have sought help after the firm's abrupt closure, a trade union has said, with debts snowballing to more than HK$38 million (US$4.8 million). The Hotels, Food and Beverage Employees Association said on Wednesday that workers at Taipan Bread & Cakes had already anticipated a possible closure because the company had not recruited more employees for producing and packaging mooncakes in mid-June, when sales usually started, adding the number of affected staff members was expected to increase. 'Many staff members had worked there for a long time. They hoped the company was just handling cash flow issues, so they stayed to observe,' Nerine Yip Lau-ching, the association's general secretary, told a radio programme. According to Yip, the bakery chain had stopped paying wages since May and staff's Mandatory Provident Fund for one to two months. But some workers opted to stay and see if the company would resolve its financing problems. Taipan earned its reputation with the creation of snow skin, or snowy, mooncakes in 1989. Photo: Handout As of Tuesday, the association has offered help to 199 staff members, mostly factory workers. The amount of money owed has grown to more than HK$38 million, involving mostly unpaid wages, payment in lieu of notice, severance and long service payments. But Yip said she expected the local food industry to be able to absorb the workers from Taipan and revealed that a major bakery factory on Tuesday had expressed wishes to recruit the affected staff.
South China Morning Post
24-06-2025
- Business
- South China Morning Post
Hong Kong bakery chain Taipan, creator of snowy mooncakes, closes after 41 years
Hong Kong bakery chain Taipan Bread and Cakes, which invented snowy mooncakes, has closed all its branches after 41 years in business. Notices announcing the closure were seen at several chain branches on Tuesday. 'Due to many unpredictable and irresistible shocks recently, our company regretfully announces that it will officially cease operations from [Tuesday],' a notice said. 'Thank you for your support and love for our company over the years. We sincerely apologise for any inconvenience this may cause.' Three branches at the MTR stations of Choi Hung, Tai Wai and Whampoa had stopped operating earlier. Taipan Bread & Cakes invented its signature snowy mooncakes in 1989. Photo: Facebook/Taipan The chain was previously sued by landlords for unpaid rent, with some of its employees also reporting delays in receiving their wages.
