The financially troubled Idee Department Store (衣蝶百貨) yesterday said it would postpone its planned auction tomorrow to April 18 as trademark and rental problems persist.
"One of the main problems for Idee is that our potential buyers feel that the rent is too high, which they considered to be cost-ineffective," the retailer's public relations manager Rebecca Ouyang (
In addition to the higher rent, China Rebar Co (
"As Idee's brand name and rent issues have lowered our potential buyers' willingness to bid in the next auction, China Rebar decided to postpone the date of the auction to April 18 so that the company has more time to resolve these uncertainties," it said.
Mega International filed with the District Court to impound Idee's brand name on Nov. 6 last year after China Rebar failed to pay off debt.
On Feb. 18, Idee shareholders approved a reduction in the minimum bidding price from the original NT$1.8 billion (US$58.54 million) to NT$705 million in an attempt to speed up the transfer of Idee's ownership to a new buyer.
The new floor bidding price matched the offer made by the sole bidder, Taipei-based Shinkong Synthetic Fibers Corp, (新光合成纖維) at Idee's last auction on Nov. 26.
Mercuries Life Insurance Co (三商美邦人壽) shares surged to a seven-month high this week after local media reported that E.Sun Financial Holding Co (玉山金控) had outbid CTBC Financial Holding Co (中信金控) in the financially strained insurer’s ongoing sale process. Shares of the mid-sized life insurer climbed 5.8 percent this week to NT$6.72, extending a nearly 18 percent rally over the past month, as investors bet on the likelihood of an impending takeover. The final round of bidding closed on Thursday, marking a critical step in the 32-year-old insurer’s search for a buyer after years of struggling to meet capital adequacy requirements. Local media reports
US sports leagues rushed to get in on the multi-billion US dollar bonanza of legalized betting, but the arrest of an National Basketball Association (NBA) coach and player in two sprawling US federal investigations show the potential cost of partnering with the gambling industry. Portland Trail Blazers coach Chauncey Billups, a former Detroit Pistons star and an NBA Hall of Famer, was arrested for his alleged role in rigged illegal poker games that prosecutors say were tied to Mafia crime families. Miami Heat guard Terry Rozier was charged with manipulating his play for the benefit of bettors and former NBA player and
The DBS Foundation yesterday announced the launch of two flagship programs, “Silver Motion” and “Happier Caregiver, Healthier Seniors,” in partnership with CCILU Ltd, Hondao Senior Citizens’ Welfare Foundation and the Garden of Hope Foundation to help Taiwan face the challenges of a rapidly aging population. The foundation said it would invest S$4.91 million (US$3.8 million) over three years to foster inclusion and resilience in an aging society. “Aging may bring challenges, but it also brings opportunities. With many Asian markets rapidly becoming super-aged, the DBS Foundation is working with a regional ecosystem of like-minded partners across the private, public and people sectors
BREAKTHROUGH TECH: Powertech expects its fan-out PLP system to become mainstream, saying it can offer three-times greater production throughput Chip packaging service provider Powertech Technology Inc (力成科技) plans to more than double its capital expenditures next year to more than NT$40 billion (US$1.31 billion) as demand for its new panel-level packaging (PLP) technology, primarily used in chips for artificial intelligence (AI) applications, has greatly exceeded what it can supply. A significant portion of the budget, about US$1 billion, would be earmarked for fan-out PLP technology, Powertech told investors yesterday. Its heavy investment in fan-out PLP technology over the past 10 years is expected to bear fruit in 2027 after the technology enters volume production, it said, adding that the tech would
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