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 (
Cairo’s new monorail slices across the city skyline, running above the familiar chaos of blaring horns and aging buses’ exhaust fumes that mark rush hour below. The US$4.5 billion monorail, opened this month, is among Egypt’s most prominent new transport projects, part of a debt-funded infrastructure drive criticized for sapping state finances while bringing limited benefits to most of the country’s 109 million people. “It feels like you’re in a different country,” said Ramy Sayed, a restaurant manager, aboard a driverless Innovia 300 train. “No noise, no traffic, we’re not used to this.” The eastern line runs 56km from the bustling middle-class
Taiwanese firms have increased investment in the Philippines in recent years as Manila’s ties with Washington deepen and global supply chains continue to shift away from China, an expert at the Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) said yesterday. The Philippines had not been among Taiwanese investors’ top choices in Southeast Asia, CIER Taiwan ASEAN Studies Center director Kristy Hsu (徐遵慈) said at a seminar in Taipei. However, Taiwan’s investment in the country has grown significantly since the COVID-19 pandemic, reaching US $257 million last year, a high in recent years, she said. Although Taiwan’s total investment in the Philippines still lags
Intel Corp regards Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) as a longstanding partner, as the US chipmaker would continue outsourcing production of advanced chips to TSMC, Intel chief executive officer Lip-Bu Tan (陳立武) said yesterday. “I don’t look at people as competitors. I look at the collaboration... Nvidia is also, you know, a good friend,” Tan told a news conference following his keynote speech at the Computex trade show in Taipei. “It’s a very trusted partnership for us... We are a big, top customer for them, and we’re going to continue doing that,” he said, referring to TSMC, the world’s largest foundry
Artificial intelligence (AI) agents would supplant smartphones as the center of people’s digital lives, fundamentally reshaping personal devices and driving a major computing upgrade cycle, Qualcomm Inc CEO Cristiano Amon said yesterday. In his keynote speech for this year’s Computex trade show in Taipei, Amon said that the rise of "agentic AI" — AI systems capable of reasoning, planning and carrying out tasks autonomously — would transform how people interact with technology across phones, PCs, vehicles and wearable devices. Describing the technology as the next major evolution in computing, Amon said that "2026 is the year of agents.” For decades, smartphones have sat
RSS