Bookstore Chain Closes In HK After 40 Years

A bookstore chain with 16 shops closed down on Thursday as the retail industry is hit hard by the coronavirus pandemic.

Popular said it was left with no choice but to terminate its business, which has a history of more than 40 years in Hong Kong.

“This is a very difficult decision. The retail book industry has been facing structural challenges in Hong Kong for the past decade. The deterioration in the last 12 months has led to a severe contraction in retail revenues," a company spokesman said in a statement.

"However, due to high rent and labour costs, the company has to bear the pain to stop our retail business in the face of the worsening business environment.”

It said employees will be compensated in accordance with labour laws, while the company will try to let some staff affected fill suitable vacancies in its non-retail businesses.