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Non-Tech : Any info about Iomega (IOM)?
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To: Gary Wisdom who wrote (37328)11/24/1997 10:44:00 PM
From: Teddy  Read Replies (2) of 58324
 
Gary, THIS HK news will impact Iomega: HONG KONG (Reuters) - Thousands of Hong Kong people
besieged outlets of one of the territory's favorite cake shops after
rumors the chain was about to collapse.

Anxious locals scrambled into queues at Saint Honore Cake Shop
Ltd outlets to redeem cake gift coupons they feared they could lose
because of the rumored closure.

The bakery chain's parent company Yaohan International Caterers
Ltd denied the rumors, saying they were churned up by the recent
closure of Japanese-controlled local department store chain Yaohan
Department Store (HK) Ltd.

At one Saint Honore shop alone, more than a thousand people lined
up to exchange coupons for cakes.

"I have pity for these gentlemen and ladies because they have to
queue up for no purpose (other than) rumors saying that tomorrow
we are going to close down business," Yaohan Caterers managing
director Glenn Chan told reporters.

"This is 100 percent absurd. We just opened another three
cakeshops," he said. The bakery said in a statement that it, along with
more than 40 shops, was debt free with strong accounts, and was
financially sound and would continue to expand its operation.

Although Yaohan Caterers belongs to the same wider family of
companies as Yaohan Department store, the store owns no shares in
the cake chain.

Wedding couples often give friends cake coupons instead of wedding
cakes for the sake of convenience, while economy-conscious Hong
Kongers also snap up discount cake coupons.
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