Debt-ridden Sunrise Department Store (
"Savills Taiwan is in talks with five investors from Hong Kong, which have offered lower than NT$2 billion [for the property]," Cynthia Chu (
Aside from foreign investors, Chu said three local businesses also checked out Sunrise's retail site yesterday. Two are department store operators, and the third an investor who plans to divide the outlet into small shops and rent them out individually.
"As Sunrise's proposed price of NT$2 billion is close to its market value of between NT$1.7 billion and NT$2 billion, Savills Taiwan is confident it could close the deal by the end of next month," Chu said.
Sunrise is located on the intersection of Fuxing N Road and Changan E Road. The sale will only cover part of the building owned by Sunrise, totaling 2,630 pings (8,679m2), Chu said, as the other property owners found the price Sunrise proposed too low.
Other retail outlets that have been sold over the past year include D'Mark Department Store's (
Sunrise owes a total of NT$220 million to its suppliers, with outstanding loans totaling NT$630 million.
The department store also owes some NT$50 million to its staff of 100, Miki Yu (
"Sunrise still has debts totaling NT$900 million," Yu said.
Bao Pei-lin (鮑佩鈴) replaced Jeff Tsai (蔡振世) as president in early January, after the retailer encountered serious financial problems last year.
Formerly known as Sesame Department Store (
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