Yaohan closes $20m better off

Hong Kong's nine Yaohan stores closed their doors for the last time yesterday, some earlier than expected after selling out of heavily discounted food, beer, clothes and household goods.

More than 130,000 shoppers had spent up to $20 million in the cash-only weekend frenzy, said Yaohan liquidator Matthew O'Driscoll, of Ernst and Young.

Thousands were waiting outside when the stores opened at 10 am yesterday, seizing their last chance to snatch supermarket products discounted by 60 per cent, instead of the previous day's 30 per cent mark-down.

Goods 'moved very quickly', Mr O'Driscoll said.

Leftover clothes, bags, shoes and department store products which failed to sell despite 60 per cent discounts on Saturday went for just 20 per cent of their full price - although the best-known brands had gone.

The Tsuen Wan store ran out of stock and closed at 1.30 pm, followed by Hunghom, Yuen Long and Ma On Shan. The others closed in the evening, with only Tuen Mun staying open until 10 pm.