Tim Ho Wan, a two-Michelin star dim sum restaurant, has closed down in Malaysia after suffering heavy losses last year.
In a Bursa filing to announce the decision, Penang-based food and beverage company, Texchem Resources Bhd (TRB) announced that the operator – Dim Sum Delight Sdn Bhd – had incurred losses of RM895,642, “and is not expected to turn around in the near future.”
“Given that the current retail market remains soft and competitive, the Board of Dim Sum Delight is of the view that the prospects of Dim Sum Delight is very challenging and this situation is not expected to change anytime soon.
Accordingly, the shareholders of Dim Sum Delight are of the opinion that Dim Sum Delight should cease its business operation to minimise losses,” Texchem, which has a 51 percent stake in Dim Sum Delight said.
Three years ago, Malaysia’s two Tim Ho Wan eateries – one at Mid Valley Megamall and the other at 1Utama Shopping Mall – opened with much fanfare
With its roots in Hong Kong, Tim Ho Wan is well-known for its Mongkok eatery which rose to fame when it was bestowed a coveted Michelin star after just one year of its operations.
After five years, the chain expanded to six restaurants in Hong Kong. They also have outlets in China, Taiwan, Singapore, Thailand, Vietnam, the Philippines, Australia and in Manhattan, New York City, which opened last year.
If you have never savoured the dim sum of what’s dubbed as “the world’s cheapest Michelin-star restaurant”, you just missed the chance to do it here.