Two Tim Ho Wan Outlets In Malaysia Have Closed Down
Almost three years after opening its first outlet in Malaysia, two Tim Ho Wan restaurants in Klang Valley have closed down
Tim Ho Wan is a Hong Kong-based chain famous for being one of the 'world's cheapest Michelin-star awarded restaurant'.
The first outlet in Malaysia was opened at the Mid Valley Megamall in November 2014. Following the success of the first outlet, a second outlet was opened at another mall, 1 Utama, just a few months later in April 2015.
Unfortunately, fans will no longer get the chance to dine at their favourite dim sum restaurants now that both outlets have ceased business operations.
It was learned that the restaurants have ceased operations due to "challenging" future prospects
The Edge Markets reported that Dim Sum Delight Sdn Bhd, the operator of the two Tim Ho Wan restaurants in Malaysia, has ceased business operations with effect from 3 July.
This was revealed by Texchem, a Penang-based food and beverage firm that owns 51% stakes in Dim Sum Delight.
"Based on Dim Sum Delight’s latest audited financial statements for the year ended 31 December 2016, Dim Sum Delight incurred losses for the year of RM895,642 and is not expected to turn around in the near future," Texchem said in a filing to Bursa Malaysia yesterday, 3 July.
"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."
It added that shareholders opined that Dim Sum Delight "should cease its business operation to minimise losses".
A quick check on Tim Ho Wan Malaysia's Facebook page revealed that the business information was updated on Sunday, 2 July
The address and operating hours of the Mid Valley Megamall and the 1 Utama Shopping Mall cannot be found on the page.
However, it appears that the Tim Ho Wan outlet at Terminal Pahlawan in Melaka, is still operational, according to the information found on the Facebook page. This outlet was opened last March.