Tim Ho Wan outlets hit as Dim Sum Delight closes
Dim Sum Delight, which runs Tim Ho Wan restaurants in Malaysia, has stopped trading.
Penang-based F&B firm Texchem Resources, which has 51 per cent ownership of Dim Sum Delight, announced the move. The balance of the business is said to belong a Malaysian company owned by Angel Chong and Kelvin Khoo.
Dim Sum Delight had a loss of RM895,642 (US$208,000) for the financial year ended December 31 and “is not expected to turn around in the near future”, Texchem says in a Bursa Malaysia filing.
With a soft and competitive retail market, the Dim Sum Delight board believes prospects are challenging, with the situation “not expected to change anytime soon”, says Texchem. Accordingly, it has decided to minimise losses by closing.
Texchem, which also runs Goku Raku Ramen and Sushi King restaurants, says it is not able as yet to determine the extent of the closure costs.
Malaysia has two Tim Ho Wan restaurants, one in Mid Valley Megamall and the other at 1 Utama Shopping Mall.
Meanwhile, in Singapore and Malacca it is business as usual for the Michelin-starred Tim Ho Wan restaurants. There are eight outlets in Singapore. When the restaurant at Plaza Singapura, the first outside of Hong Kong, opened in April 2013, it could take customers three hours to queue for a table.
The Hong Kong-founded restaurant brand now has 43 locations around Hong Kong, China, Taiwan, Singapore, the Philippines, Australia, Vietnam, Malaysia, Thailand and the US.