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Ruentex Industries to Shut Down Store in Zhonghe, Taiwan

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Ruentex Industries (TPE:2915) has decided to close its Zhonghe store in Taiwan, after it faced severe operational

challenges, due to changes in the overall hypermarket retail environment, according to a Tuesday filing to the Indian stock exchanges.

The operations of the store will be terminated on Sept. 30.

The company said it has developed a comprehensive plan to address the issues relating to its own assets and employee resettlement.

It plans to consult with interested manufacturers to lease or sell its operating assets, such the business premises, equipment, and inventory. The company will process all of its employees for layoffs or retirement and help the employees to find suitable employment or transfer to related industries.

The company's shares were up over 2% in Wednesday's trade.

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