The Hong Kong branch of a Singapore-based private club that closed after less than a year in business is undergoing liquidation with about HK$20 million (US$2.5 million) of debts, former employees have said.
Financial difficulties forced 1880 Hong Kong, located at Two Taikoo Place in Quarry Bay, to shut its doors on Friday last week, leaving 100 employees without pay for two months and some members angered by sales made shortly before the closure. It also owed unpaid rent to its landlord, Swire Properties.
Two former employees told the Post on Tuesday that the cash-strapped club had gone into liquidation, blaming the failure on the company’s poor financial planning and governance.
Both said that the landlord made a substantial capital…
