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The Board of Directors (“Board”) of Food Junction Holdings Limited (the "Company") wishes to announce that a wholly-owned subsidiary of the Company, Food Junction Beijing Co., Limited (“FJB”) has entered into a termination of the tenancy lease agreement (“Agreement”) with 北京金融街购物中心有限公司 (the “Landlord”) to pre-terminate the leasing of the premises in Seasons Place, Beijing, China. The termination was effective from 15 April 2012.
As the food court operation in Seasons Place had performed below expectation, the Board has decided to terminate the Agreement as part of the Group’s ongoing review of its operations in China to streamline its operations. In 2011, the Group had made provision for impairment on the food court
fixed assets in Seasons Place. Notwithstanding that provision for impairment on fixed assets have been made in 2011, the cessation of the food court in Seasons Place is expected to have an adverse financial impact on the financials for the first quarter ending 31 March 2012 and financial year ending
31 December 2012, as there would be other costs and expenses relating to the cessation of the food court operation in Seasons Place.
As Management is presently quantifying the financial effects of the cessation on the food court operation in Seasons Place, further announcement(s) will be released once the financial effects arising from the cessation have been finalized.
my chinese friend in beijing told me seasons place isn't a crowdy place and she never even heard of the foodcourt at the basement. i guess it is timely they should close it. i think the northern people they are not used to foodcourt concept where the serving and variety is quite small & limited.
As the food court operation in Seasons Place had performed below expectation, the Board has decided to terminate the Agreement as part of the Group’s ongoing review of its operations in China to streamline its operations. In 2011, the Group had made provision for impairment on the food court
fixed assets in Seasons Place. Notwithstanding that provision for impairment on fixed assets have been made in 2011, the cessation of the food court in Seasons Place is expected to have an adverse financial impact on the financials for the first quarter ending 31 March 2012 and financial year ending
31 December 2012, as there would be other costs and expenses relating to the cessation of the food court operation in Seasons Place.
As Management is presently quantifying the financial effects of the cessation on the food court operation in Seasons Place, further announcement(s) will be released once the financial effects arising from the cessation have been finalized.
my chinese friend in beijing told me seasons place isn't a crowdy place and she never even heard of the foodcourt at the basement. i guess it is timely they should close it. i think the northern people they are not used to foodcourt concept where the serving and variety is quite small & limited.