In addition to Guangzhou, other cities including Shenzhen, Shanghai, and Wuxi have all seen closures of Pacific Coffee shops. The current number of Pacific Coffee outlets remaining operational in China is estimated to be around 166; a significant decrease from the 443 that were operating in 2020.
On March 10th of this year, Christine International Holdings, widely recognized as the “top stock in the baking industry,” announced in a statement on the Hong Kong Stock Exchange that the company was encountering operational difficulties and cash flow shortages, resulting in delays in rental payments, supplier payments, and employee salaries. Consequently, after 30 years of operation, the company officially declared bankruptcy.
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