The Test Rite Group (特力), known in Taiwan for its do-it-yourself stores, has decided to close down 13 stores in China due to losses, the Central News Agency reported Saturday (August 3).
Test Rite, which owns the brand Hola and previously cooperated with British DIY and home improvement group B&Q, said in a statement it had seen itself force to adapt its structure and have affiliates based in Beijing and Shanghai close down 13 shops.
After the closures have been completed during the first half of 2020, Test Rite will only have one store left in Beijing and Shanghai each, the company said. A further round of evaluations would be needed to decide whether those two stores would continue operating, according to CNA.
The closures were necessary to stop losses and to put the company back on the right track, a spokeswoman said.
Just a day earlier, reports emerged that one of Taiwan’s top contract electronics makers, the Foxconn Technology Group, was looking to sell a display panel factory under construction in the southern Chinese city of Guangzhou amid the trade war between the United States and China. The company responded by saying it did not comment on market speculation and rumors.