Cake Shop Chain Closes Citing Pandemic
"); jQuery("#212 h3").html("

"); });
2022-09-14 HKT 13:21
The cake shop chain Crostini closed down its stores for good on Wednesday, citing the pandemic.
In a social media post published on Tuesday night, the company said the business environment in Hong Kong has been bad over the past two years and it had no choice but to immediately close down.
“Many sectors have been greatly affected amid the pandemic… It is a pity that Crostini cannot turn things around and has no choice but to make a grave and disappointing decision,” it said.
The mid-market chain, which had about a dozen shops, apologised to and thanked its customers and staff.
In the comments section, some people complained that the shop closures came at too short notice, while others asked what could be done with vouchers bought from the company.
The Eating Establishment Employees General Union said at least one part-time worker of Crostini had yet to receive their salary for August and September.
The union said it believed around a hundred employees were affected as the company had not made payments in lieu of notice or severance payments.
It said it would collect information from workers and refer the matter to the Labour Department.
The Consumer Council said it had received 10 complaints regarding the closure of Crostini as of 5pm on Wednesday.
One of the complaints was from a customer with HK$2,000 in pre-paid coupons.
The council's chief executive, Gilly Wong, said customers who have pre-paid coupons should keep their receipts and those who bought them with a credit card should try to get a refund.
"You can immediately go to the bank to apply for a charge back... hopefully you can have the credit card issuer refund the amount to you based on its own policy," Wong told an online press briefing.
She added that customers who have lost out can also register as a debtor once the chain appoints a liquidator.
The Customs and Excise Department also expressed concern about the case.
Officers said consumers who bought cake coupons or gift vouchers from the bakery chain should contact them as soon as possible.
The department also said it will take enforcement action if it finds any violation of the Trade Descriptions Ordinance.
_____________________________
Last updated: 2022-09-14 HKT 21:09
Indonesia And South Korea Begin Cross-Border QRIS Payments In Local Currencies
Bank Indonesia and the Bank of Korea have launched cross-border QR payment connectivity between Indonesia and South Kor... Read more
Hong Kong Misses March Deadline For First Stablecoin Licenses, No Issuers Approved
The Hong Kong Monetary Authority (HKMA) has yet to issue its first batch of stablecoin licenses, missing an earlier tar... Read more
Hong Kong Sees Digital Wallets Surpass Cards For The First Time
Digital wallets have surpassed cards for the first time in the city’s payments landscape, according to the Global Pay... Read more
HSBC Appoints Max Xu And Samuel Chen To Lead Wealth And Private Banking In China
HSBC has appointed Max Xu as Head of International Wealth and Premier Banking (IWPB), HSBC China, and Samuel Chen as He... Read more
OSL Group 2025 Revenue Hits HK$489M, Stablecoins Account For 60% Of Trading
OSL Group reported its annual results for the year ended 31 December 2025. The company said it recorded growth during t... Read more
JCB Brings Google Pay Contactless To Taiwan In First Overseas Rollout
JCB has announced that JCB-branded credit cards issued by Union Bank of Taiwan and Bank SinoPac will, for the first tim... Read more