Retail in Asia

In Markets

Page One closes down last two remaining Hong Kong stores

page-one-closures-retail-in-asia

Troubled bookstore chain Page One has closed down its two remaining stores in Hong Kong. The stores in Harbour City in Tsim Sha Tsui and Festival Walk in Kowloon Tong were shut on Thursday (17 November).

A letter reading “Notice of Appointment of Receivers” was attached to the front door on the third floor at the Harbour City store.

It said two representatives, Edward Simon Middleton and Patrick Cowley, of accounting firm KPMG had been appointed “Joint and Several Receivers” from November 16.

Page One, in response to rumours that it was in financial trouble in August, said at that time that it was in an the advanced stages of bringing in a potential investor for fresh funding amid the city’s retail downturn.

SEE ALSO: Bookstores on a comeback trail in China

At that time, it said it was adapting to consumers’ shifting reading habit as “the society does not have time to read or does not read.”

The chain was forced to close its 18-year-old store in Causeway Bay’s Time Square mall last year. It has also lost all six of its airport stores over the past few years.

Neo Wong, 25, an office worker told the Post that he was not surprised by the closure.

“I have heard the chain was in deep financial trouble,” he said. Wong said he had never brought any book from the chain though he would walk around the store during his lunch breaks.

“Purple Lau, 26, who works in the financial planing industry, said she feels sorry for the bookstore, though the closure was not unexpected.

“Their books do not seem to fit the taste of Hong Kong people,” Lau said, adding only university students and people who look for a specific types of books would make purchases there. “They are also a bit expensive,” she said.

Singapore-based Page One set up the first bookstore in Hong Kong in 1990s, offering magazines, art and design books, Chinese language books, general books and gifts.

(Source: SCMP)