TAIPEI (TVBS News) — Din Tai Fung (鼎泰豐), a renowned Taiwanese restaurant brand, announced on Monday (Aug. 26) that its Beijing Hengtaifeng Catering Co., Ltd. (北京恒泰豐餐飲有限公司) will exit the northern China market by the end of October, closing 14 stores in Beijing, Tianjin, Xian, and more.
According to related reports, approximately 800 employees face layoffs. Din Tai Fung will also have to compensate for unexpired leases with malls, incurring an additional cost of about NT$260 million.
Beijing Hengtaifeng Catering Co., Ltd. expressed regret over the decision and promised to handle employee compensation and placement properly, protect the rights of stored-value card members, and communicate with partners to minimize the impact.
In the statement, the company attributed the closures to an inability to reach a consensus on renewing the 20-year business license and a failed agreement among the board of directors while emphasizing their commitment to addressing the situation responsibly.
Beijing Hengtaifeng Catering Co., Ltd. remains optimistic about future operations in the Chinese market. The company will continue monitoring industry trends and discussing potential developments with its Taipei headquarters.