A Hong Kong court has ordered the winding-up of a bakery chain and declared a co-founder of a now-closed congee restaurant group bankrupt, highlighting the plight of the local retail and catering sectors amid shifting consumer patterns.
The High Court on Monday granted a petition to liquidate Vast Luck Company Limited, the parent company of Taipan Bread & Cakes, after the firm failed to repay a debt of an unspecified sum despite repeated requests.
The bakery was acquired in 2021 by businessman Ricky Liu Chi-keung, who spoke of his patriotism on state media in an attempt to re-establish business ties across the border. However, the chain still struggled through a prolonged downturn that also rocked the wider retail sector.
The Labour…