5 of the 7 Krispy Kreme's stores have ceased operations as the franchise goes into liquidation, with the remaining 2 airport stores open to generate desperate income for its creditors. This comes as the owners sought for months to find purchasers in the face of high rent and declining sales. In a day of absolute carnage where the Hang Seng fell for 13% back to SARS levels, people could no longer run to Krispy Kreme's for an intense sugar fix.
Krispy Kreme's Hong Kong/Macau franchise was granted 2 years ago, with their first store in Times Square, Causeway Bay. Now it closes having overestimated the Chinese craving (or lack of) for oversweetened doughnuts.
This is the third high profile casualty in Hong Kong following the collapse of electronics giant Tai Lin and clothing store U-right.
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benny
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Yeah it's just HK. I wanted to create a sense of 'it's closing in Australia too'...
benny |
Wednesday, October 29, 2008 3:20:00 pm
This is HK right? Just making it clear...you could have said that in your first line lol :P I went to KK yesterday!