Page One bookstores closed citywide as struggling chain faces liquidation

Page One outlets citywide have been closed for business today following the bookstore chain’s highly publicised financial troubles.

Notices posted at both of Page One’s remaining branches in Harbour City and Festival Walk cited “stocktaking” as the reason for the abrupt closure, Apple Daily reports.

An additional note stated that two senior restructuring specialists from auditing firm KPMG have been given control of Page One’s assets as court-appointed receivers, according to HKFP

Two companies have submitted court bids to demand a total of HKD1.39 million in unpaid fees from Page One in the last two months.

In August, local publishers Foreign Press told Apple Daily they were owed HKD700,000 in overdue payments from the cash-strapped chain.

After opening its first Hong Kong shop in 1997, Page One was once ubiquitous in the city, but financial troubles have seen the retail empire crumble, with seven stores of its stores shuttered in recent years.

 


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CITY: HONG KONGCATEGORY: NEWSSUB-CATEGORIES: BUSINESS

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