KUALA LUMPUR, July 4 ― The operator of Tim Ho Wan, a popular two-Michelin star dim sum restaurant, has closed down after recording heavy losses last year.
In a Bursa filing to announce the decision, Penang-based food and beverage company, Texchem Resources Bhd (TRB) announced that the operator ― Dim Sum Delight Sdn Bhd ― had incurred losses of RM895,642, “and is not expected to turn around in the near future.”
“Given that the current retail market remains soft and competitive, the Board of Dim Sum Delight is of the view that the prospects of Dim Sum Delight is very challenging and this situation is not expected to change anytime soon. Accordingly, the shareholders of Dim Sum Delight are of the opinion that Dim Sum Delight should cease its business operation to minimize losses,” Texchem said in its reason for cessation.
The company owns 51 per cent in shares in Dim Sum Delight.
The company said that it is also unable to assess the cost associated with the closure of the Tim Ho Wan outlets, but would be providing the update in due course.
Currently, there are two Tim Ho Wan outlets in the country ― Mid Valley Megamall and 1Utama Shopping Mall ― which were opened with much fanfare three years ago.
Hailing from Hong Kong, Tim Ho Wan is well known for its hole-in-the-wall Mongkok eatery that rose to fame when it scored a coveted Michelin star after just one year of its operations.
After five years, the chain has expanded to a total of six outlets around Hong Kong. They also have outlets in Singapore, Taiwan and the Philippines.
