Netizens sigh, selling buildings to pay off debts! Christine closes all stores. Amount | Store | Netizens
Kristin, founded in 1993
It is a well-known baking chain brand
But since last year
This "giant" in the baking industry
Suspected of abnormal business operations.
March 10th this year
Christine International Holdings Limited
Announce that
As of February 28, 2023,
The group has a total outstanding amount of RMB 57 million;
The bank account has been frozen;
All retail stores under the company have been temporarily closed.
Subsequently, its executive director's
Millions of luxury homes in Nanjing have also been auctioned off.
In the end, Christine walked towards
The step of selling a building to offset debts.
Selling buildings to offset debts!
The proceeds are used for
Recently,
Kristin, the first batch of baked goods
Announced that,
Wholly-owned subsidiary of the company
Shanghai Kristin Food intends to sell to
Chinese businessman Zhou Qiangling
Sell two properties located in Shanghai.
One of them is located on the whole floors of 1 and 2, No. 1431, Xizang South Road, Shanghai, with a building area of 257.96 square meters and is used for office purposes. Another location is located at Room 202, No. 4, Lane 2693, 2695, and 2729, Renmin East Road, Huinan Town, Shanghai, with a building area of 214.32 square meters, for residential purposes. The total price of the two properties is approximately RMB 16.89 million. The proceeds will be used for employee costs, raw materials and ingredients, rent, public facilities, and miscellaneous expenses.
Kristin stated in the announcement that as disclosed in the 2021 annual report, the group incurred a loss of approximately RMB 172 million for the year ended December 31, 2021, and its net current liabilities were approximately RMB 543 million. As of now, Christine's 2022 annual report has not been disclosed.
The directors of the company believe that the sale is a good opportunity for the company to obtain funds to alleviate short-term financial pressure.
On June 25th, the reporter called the company about Christine's financial pressure, but found that the number had been shut down.
Kristin mentioned in a March announcement that the company has experienced delays in paying store rent, supplier payments, and employee salaries. As of February 28, 2023, the amount owed is approximately RMB 57 million. Due to overdue payments, several suppliers have initiated legal proceedings and frozen the bank accounts of our group, with frozen amounts ranging from approximately RMB 3.5 million to RMB 4 million. This also resulted in Christine selling her property today to alleviate financial pressure.
Image/Christine Announcement on March 10th
All stores are temporarily closed
As early as July 2022, Christine's stores had been closed for a period of time, but in August, some stores reopened, and now all of her stores are closed again. In March of this year, Christine's headquarters was completely empty.
The stores in Hangzhou are also tightly locked. The reporter arrived at the Kristen Wen West Road store, which has an area of about tens of square meters. The store sign has not been removed yet, and there are only a few shelves and cash registers left in the store. There are also rental advertisements posted on the door.
Christine Wenyi West Road Store
Christine's branch on Harmony Road also had tightly closed doors on site. Through the glass door, one could see that there was some garbage on the floor inside the store, with little else except for the cash register and cabinets embedded in the wall.
Christine Hemu Road Store
Christine's business situation
Always poor
According to official website information, Kristin has been producing and selling baking products since 1993, mainly operating in prime locations and major cities in the Yangtze River Delta region.
Christine's business situation has always been poor. The financial report shows that from 2013 to 2021, Christine has been losing money for 9 consecutive years. The net profit attributable to the parent company in 2019, 2020, 2021, and the first half of 2022 were -224 million yuan, -110 million yuan, -170 million yuan, and -0.73 million yuan, respectively. Moreover, the number of Kristen's stores has been decreasing.
According to the annual report, Christine closed 55 stores in 2021, 99 stores in 2020, and a total of 117 stores in 2019.
Netizen comments
For Christine's current situation
Many netizens lament deeply
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Many netizens still have questions:
What about the money on the card?
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