Sunrise Department Store (中興百貨) promised to redeem NT$2.5 million (US$77,400) in vouchers in circulation should the store's concessionaires refuse to honor the vouchers, a company executive said yesterday.
"All vouchers can be cashed [at the counters] on the basement floor," Sunrise president Jeff Tsai (蔡振世) told reporters yesterday, one day after some concessionaires refused to accept Sunrise-issued vouchers and expressed concern over media reports of the retailer bouncing checks.
valid
Tsai assured consumers that all vouchers issued by the retailer remain valid, while rejecting media reports that it plans to shut down its Taipei store after bouncing NT$300 million in checks.
"We are experiencing some management difficulties and are seeking a new buyer," Tsai said. "But closure isn't an option."
Although the retailer owes NT$900 million in combined debts, Tsai said that it was not imperative for the company to shut down as it still had NT$2 billion in total assets.
He admitted that the company was facing a liquidity problem after some suppliers insisted on cashing their checks in advance.
The company is in talks with suppliers to ease the credit crunch and maintain normal operations, Tsai said.
Tsai attributed the department store's financial difficulties to a "sluggish economy," saying revenues during its anniversary sale promo early this month achieved less than 70 percent of its NT$350 million goal.
Formerly known as Sesame Department Store (
Sunrise was one of the first retailers to introduce upscale brands such as Armani in Taiwan, but slow business later forced the company to close two of its branches -- Xinyi in July 2004 and Hsinchu in July 2005 -- leaving a single outlet in Taipei.
competition
Like most other smaller players, Sunrise faces stiff competition from neighboring retailers, such as Breeze Center (
Meanwhile, retailer Idee Department Store's (
Idee, an affiliate of the debt-ridden Rebar Asia Pacific Group (
Shinkong spokesman and chief financial officer Kevin Ho (
UNCERTAINTY: Innolux activated a stringent supply chain management mechanism, as it did during the COVID-19 pandemic, to ensure optimal inventory levels for customers Flat-panel display makers AUO Corp (友達) and Innolux Corp (群創) yesterday said that about 12 to 20 percent of their display business is at risk of potential US tariffs and that they would relocate production or shipment destinations to mitigate the levies’ effects. US tariffs would have a direct impact of US$200 million on AUO’s revenue, company chairman Paul Peng (彭雙浪) told reporters on the sidelines of the Touch Taiwan trade show in Taipei yesterday. That would make up about 12 percent of the company’s overall revenue. To cope with the tariff uncertainty, AUO plans to allocate its production to manufacturing facilities in
Taiwan will prioritize the development of silicon photonics by taking advantage of its strength in the semiconductor industry to build another shield to protect the local economy, National Development Council (NDC) Minister Paul Liu (劉鏡清) said yesterday. Speaking at a meeting of the legislature’s Economics Committee, Liu said Taiwan already has the artificial intelligence (AI) industry as a shield, after the semiconductor industry, to safeguard the country, and is looking at new unique fields to build more economic shields. While Taiwan will further strengthen its existing shields, over the longer term, the country is determined to focus on such potential segments as
TAKING STOCK: A Taiwanese cookware firm in Vietnam urged customers to assess inventory or place orders early so shipments can reach the US while tariffs are paused Taiwanese businesses in Vietnam are exploring alternatives after the White House imposed a 46 percent import duty on Vietnamese goods, following US President Donald Trump’s announcement of “reciprocal” tariffs on the US’ trading partners. Lo Shih-liang (羅世良), chairman of Brico Industry Co (裕茂工業), a Taiwanese company that manufactures cast iron cookware and stove components in Vietnam, said that more than 40 percent of his business was tied to the US market, describing the constant US policy shifts as an emotional roller coaster. “I work during the day and stay up all night watching the news. I’ve been following US news until 3am
COLLABORATION: Given Taiwan’s key position in global supply chains, the US firm is discussing strategies with local partners and clients to deal with global uncertainties Advanced Micro Devices Inc (AMD) yesterday said it is meeting with local ecosystem partners, including Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), to discuss strategies, including long-term manufacturing, to navigate uncertainties such as US tariffs, as Taiwan occupies an important position in global supply chains. AMD chief executive officer Lisa Su (蘇姿丰) told reporters that Taiwan is an important part of the chip designer’s ecosystem and she is discussing with partners and customers in Taiwan to forge strong collaborations on different areas during this critical period. AMD has just become the first artificial-intelligence (AI) server chip customer of TSMC to utilize its advanced
RSS