Hong Kong Bakery Chain Taipan Closes All Stores After 41 Years Due to Financial Struggles

Taipan Bread & Cakes, a beloved Hong Kong bakery chain renowned for inventing snowy mooncakes, has ceased all operations after 41 years due to significant financial struggles and unforeseen challenges. The company faced mounting debts, including rent arrears exceeding HK$400,000 for its Mong Kok branch alone, and lawsuits from landlords, which led to the earlier closure of three outlets at Choi Hung, Tai Wai, and Whampoa MTR stations. Notices posted at multiple branches cited "unpredictable and irresistible shocks" as reasons for the immediate shutdown, and all employment contracts were terminated simultaneously, prompting unions to urge the bakery to settle outstanding employee wages promptly. Loyal customers and workers expressed shock and sadness over the closure, underscoring Taipan's cultural significance in Hong Kong. The bakery's decline highlights the broader financial pressures on local retail businesses amid challenging economic conditions. Union groups have called on affected staff to seek support as the company moves to wind down its operations.