Netizens sigh, selling buildings to pay off debts! Christine closes all stores. Amount | Store | Netizens

Release time:Apr 13, 2024 23:29 PM

Kristin, founded in 1993

It is a well-known baking chain brand

But since last year


Netizens sigh, selling buildings to pay off debts! Christine closes all stores. Amount | Store | Netizens

This "giant" in the baking industry

Suspected of abnormal business operations.

March 10th this year


Netizens sigh, selling buildings to pay off debts! Christine closes all stores. Amount | Store | Netizens

Christine International Holdings Limited

Announce that

As of February 28, 2023,


Netizens sigh, selling buildings to pay off debts! Christine closes all stores. Amount | Store | Netizens

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.


Netizens sigh, selling buildings to pay off debts! Christine closes all stores. Amount | Store | Netizens

Subsequently, its executive director's

Millions of luxury homes in Nanjing have also been auctioned off.

In the end, Christine walked towards


Netizens sigh, selling buildings to pay off debts! Christine closes all stores. Amount | Store | Netizens

The step of selling a building to offset debts.

Selling buildings to offset debts!

The proceeds are used for


Netizens sigh, selling buildings to pay off debts! Christine closes all stores. Amount | Store | Netizens

Recently,

Kristin, the first batch of baked goods

Announced that,


Netizens sigh, selling buildings to pay off debts! Christine closes all stores. Amount | Store | Netizens

Wholly-owned subsidiary of the company

Shanghai Kristin Food intends to sell to

Chinese businessman Zhou Qiangling


Netizens sigh, selling buildings to pay off debts! Christine closes all stores. Amount | Store | Netizens

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.


Netizens sigh, selling buildings to pay off debts! Christine closes all stores. Amount | Store | Netizens

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.


Netizens sigh, selling buildings to pay off debts! Christine closes all stores. Amount | Store | Netizens

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.


Netizens sigh, selling buildings to pay off debts! Christine closes all stores. Amount | Store | Netizens

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.


Netizens sigh, selling buildings to pay off debts! Christine closes all stores. Amount | Store | Netizens

Christine Hemu Road Store

Christine's business situation

Always poor


Netizens sigh, selling buildings to pay off debts! Christine closes all stores. Amount | Store | Netizens

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.


Netizens sigh, selling buildings to pay off debts! Christine closes all stores. Amount | Store | Netizens

Netizen comments

For Christine's current situation

Many netizens lament deeply


Netizens sigh, selling buildings to pay off debts! Christine closes all stores. Amount | Store | Netizens

Many netizens still have questions:

What about the money on the card?


Netizens sigh, selling buildings to pay off debts! Christine closes all stores. Amount | Store | Netizens

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