TAIPEI (Taiwan News) — Bread chain Ichido, founded by a Taiwanese baker in the 1990s, closed the doors of its last shop in Shanghai, reports said Saturday (June 19).
The closure occurred without warning, leaving some staff with unpaid wages and customers with useless vouchers, CNA reported. Last September, due to the COVID-19 pandemic, the company was forced to shutter 70 outlets, including many of its Ichi Go brand located at subway stations.
Pingtung County baker Tsai Ping-jung (蔡秉融) set up a bakery in Shanghai in 1992 with the bread chain opening in 1999. At one time, about 100 of its 115 stores were located in China’s largest city.
The chain built up a positive image with Chinese consumers, but it was unable to weather the pandemic, according to CNA. As 75 percent of its business came from the subway outlets, a reduction in traffic due to the coronavirus also affected the company. Tsai said last year that his revenue had plunged by 85 percent, making it difficult to obtain necessary funding.