STDM to acquire Yaohan Macau

Troubled retailer Yaohan Hongkong Corp is to see its Macau store taken over by STDM, the landlord controlled by casino magnate Stanley Ho Hung-sun.

Mr Ho yesterday said STDM had decided to take over the store and hire 340 former Yaohan employees for the next six months after it was shut down on November 21 with nine Yaohan department stores in Hong Kong.

During the period, STDM intended to lease all the Yaohan counters to former vendors or new ones and seek a buyer for the 257,000-square-foot emporium, he said.

In Hong Kong, the former supermarket space of Yaohan in Ma On Shan will be replaced by Guangnan Holdings' KK Supermarket today.

Guangnan said it was also interested in other former Yaohan supermarket spaces and was actively discussing leases with landlords.

Guangnan owns 40 KK Supermarkets around Hong Kong.