THE WHAT? Sa Sa International Holdings has announced 21 store closures in the city and Macau in what has been put down to cost cutting measures as the Coronavirus continues to affect sales, according to a report by South China Morning Post.
THE DETAILS The Hong Kong-based retailer is set to close stores in Kowloon, the New Territories, and Macau, which represent 8 percent of the total outlets.
Taking to a statement, Sa Sa said, “The group will undertake flexible staff deployment based on business demand, arranging for employees in the affected stores to work in other ones.
“Meanwhile, the group will take different shifts to reduce the number of staff on duty and cut costs.”
THE WHY? The decision to close stores follows a turbulent period for the retailer as sales dropped 78 percent in the first week of the Lunar new year due to the outbreak of the Coronavirus meaning many tourists failed to travel.
Sa Sa went to further measures to cost cut in the wake of the unforeseen circumstances and last week asked executive directors to take a 75 per cent pay cut for three months.