Eslite Spectrum Corp (誠品生活), which runs the Eslite bookstore chain, yesterday said that it would close more outlets in Taiwan later this year as part of a business restructuring plan.
At this year’s annual general meeting, Eslite chairwoman Mercy Wu (吳旻潔) told shareholders that the company remains upbeat about the market, despite the announced closures.
Eslite would close its bookstore at Kaohsiung Medical University at the end of this month and its Shih Chien University bookstore in Taipei at the end of next month, Wu added.
The closures are a necessary part of efforts to restructure its business operations, she said.
The company on Tuesday announced the closure of its bookstore in Taipei’s Shilin District (士林) at the end of this month, when the building lease expires.
The 24-hour store on Dunhua S Road in Taipei is closing at the end of this month and the store in Taipei’s Xinyi District (信義) has been designated as the company’s new 24-hour outlet for a trial period starting tomorrow, the company said earlier.
The latest closures would leave Eslite with 38 bookstores in Taiwan by the end of next month.
Wu said that the company would close one or two more stores before the end of the year.
“It’s not about closing stores, but rather about finding the right locations,” Wu said. “Eslite is restructuring its business and mapping out a new expansion strategy to meet demand.”
Wu said that she is optimistic about the company’s business outlook, despite a decline in customers and bookstore sales in Taiwan and other countries due to the COVID-19 pandemic.
Eslite is in discussions with its landlords in Taiwan to reduce its rental payments and is applying for government subsidies to shore up its bottom line, she said.
In the first quarter of this year, Eslite reported a net profit of NT$7.13 million (US$237,429), a sharp decline from NT$79 million in the same period last year.
The company plans to open a store in a major business district in Malaysia’s capital, Kuala Lumpur, next year, which would be its first outlet in Southeast Asia, Wu said.
Eslite is also weighing the possibility of opening new bookstores in Tsuen Wan and Tuen Mun in Hong Kong’s New Territories, she said.
Eslite also has bookstores in Japan and China.
Tesla Inc temporarily halted some production at its auto assembly plant in California because of problems with its supply chain, but work has begun to resume, CEO Elon Musk told employees in an e-mail on Thursday. “We are experiencing some parts supply issues, so took the opportunity to bring Fremont production down for a few days to do equipment upgrades and maintenance,” Musk said in an all-staff message seen by Bloomberg. The factory was “back up and running as of yesterday,” and would rapidly ramp up to full production of Model 3 and Model Y cars “over the next several days,”
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is expected to post a 25 percent year-on-year increase in sales in the first quarter of this year to US$12.91 billion, up from US$10.31 billion a year earlier, as its production is at full capacity, market advisory firm TrendForce Corp said in a note last week. The increase would help TSMC cement its leadership in the industry by taking a 56 percent market share in the global pure wafer foundry business, TrendForce said. Its forecast was in line with TSMC’s estimate in January, which pointed to a range of US$12.7 billion to US$13 billion for the
MULTI-USE: The arrangement of seats in future vehicles would be different, allowing passengers to do everything they do at home, the CEO of the firm’s EV platform said Electric vehicles (EVs) developed on a Hon Hai Precision Industry Co (鴻海精密) platform would be built like “a smartphone on a different platform,” Jack Cheng (鄭顯聰), chief executive officer of the Hon Hai-initiated MIH Open Platform Alliance, said on Saturday. It would be the ultimate goal to make vehicles built on the platform an extension of the driver’s home, he said during an online presentation. The alliance aims to provide resources to automakers and boost Taiwan’s EV development, with a vision to make an EV its owner’s “second home,” Cheng said. “Whatever they can do in their home, they will be able
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) was on Thursday set to sell local currency bonds, as it prepared for a spending blitz amid a global chip shortage. The world’s largest contract chipmaker planned to price about NT$16 billion (US$565.25 million) of notes in three parts in an auction, though the actual issuance size might change. The manufacturer would have to contend with a recent rise in rates globally that has sent many corporate bond yields up from record lows in the past few weeks. The debt offering comes at a promising time for the semiconductor industry as the world scrambles its way