Brief: Bossini International Holdings Says Co Resolved To Wind Down Retail Operation In Taiwan

Bossini International Holdings

02/03/2020 14:07

March 2 (Reuters) - Bossini International Holdings Ltd
 0592.HK :
    * COMPANY RESOLVED TO WIND DOWN GROUP'S RETAIL OPERATION IN
TAIWAN
ORDERLY
    * TARGETING TO CLOSE ALL 51 STORES CURRENTLY RUN IN TAIWAN
DIVISION BY OR ABOUT 31 JULY 2020
    * DUE TO CONTINUING SLUGGISH CONSUMER MARKET IN TAIWAN OVER
LAST
TWO DECADES, TAIWAN DIVISION BEEN LOSS MAKING SINCE FY 2005/06
    * STILL NOT OPTIMISTIC ABOUT NEAR TERM PROSPECT OF TAIWAN
MARKET
    * WILL COMMENCE DISCUSSION WITH LANDLORDS OF TAIWAN DIVISION
ON
EARLY EXIT TERMS OF EXISTING LEASES OF STORES
    * CURRENTLY ESTIMATED ASSOCIATED COSTS RESULTED FROM CLOSURE
OF
TAIWAN DIVISION TO BE ABOUT HK$20 MILLION
    * NOT EXPECTED THAT COSTS TO BE INCURRED WILL SIGNIFICANTLY
AFFECT
OVERALL OPERATIONS OF GROUP

Source text for Eikon:  ID:nHKSbKLn7M 
Further company coverage:  0592.HK 

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