HONG KONG'S Growth Enterprise Market is just packed with little treasures. A sparkling example is Rainbow International Holdings - like its namesake, it has been a colourful addition to the retail scene. And a brief one.
The company listed in October last year. Shops started popping up all over Hong Kong - Rainbow took some prime property slots to sell beauty products at competitive prices, a la Sa Sa. There were eight shops in all.
Twelve months later, where have they all gone? If the writs filed against Rainbow are anything to go by, the company had some problems paying the rent and suppliers.
By the end of July, five writs had been filed and eight claims lodged at the Small Claims Tribunal. The demands amounted to HK$1.05 million, according to the company.
Now the employees. By the end of August, Rainbow had laid off 24 staff. They were owed an outstanding amount of HK$400,000 in salaries.
The workers were also due HK$900,000 in outstanding Mandatory Provident Fund payments between January and August, and HK$900,000 in severance pay.
