Hong Kong court orders winding-up of bakery Taipan, declares Ocean Empire founder bankrupt

A Hong Kong court has ordered the winding-up of a bakery chain and declared a co-founder of a now-closed congee restaurant group bankrupt, highlighting the plight of the local retail and catering sectors amid shifting consumption patterns.The High Court on Monday granted a petition to liquidate Vast Luck Company Limited, the parent company of Taipan Bread & Cakes, after the firm failed to repay a debt of an unspecified sum despite repeated requests.Recognised as a top Hong Kong brand for its invention of “snow skin” mooncakes, Taipan shut down all its branches in June last year after 41 years in business, leaving more than 200 workers seeking help from labour authorities over HK$32 million in unpaid wages, severance payments and other debts.The bakery was acquired in 2021 by businessman Ricky Liu Chi-keung, who spoke of his patriotism on state media in an attempt to re-establish business ties across the border, but the chain still struggled through a prolonged downturn that also rocked the wider retail sector.The Labour Department has levelled a total of 103 charges against Liu, Vast Luck and two of its subsidiaries over HK$1.31 million in unpaid wages owed to Taipan employees. The case will be heard at Kowloon City Court in March.Also on Monday, the High Court declared Siu Chor-kee, a co-owner of the 33-year-old Ocean Empire Food Shop, bankrupt after he confirmed that he did not oppose the order.