Due to the failure to successfully sell its brands, Trinity Group, a Hong Kong menswear retailer affiliated with Shandong Ruyi, announced that it has entered bankruptcy liquidation.
On January 2, Hong Kong Trinity Holdings Co., Ltd. issued a document stating that the Supreme Court of Bermuda had appointed FTI Consulting (Hong Kong) and R&H Services Co., Ltd. to serve as the joint liquidation agencies of Trinity Holdings on December 10, 2021. The investigation committee currently targeting the company Already composed.
Hong Kong Trinity Holdings owns many high-end men’s clothing brands such as Gieves&Hawkes, Cerruti 1881, Kent & Curwen and other British luxury brands with a history of 250 years. Shandong Ruyi Technology Co., Ltd. acquired a majority stake in Trinity Holdings in 2018 and became its controlling parent company.
According to the 2019 financial report released by Trinity Holdings Co., Ltd., Trinity achieved total revenue of HK$1.962 billion in 2019, an increase of 13.9% over last year; core operating profit was HK$161.3 million, compared with a loss of HK$248 million in the same period last year.
From April 1, 2021 to now, Trinity Holdings’ listing and trading on the Hong Kong Stock Exchange has been suspended. Due to failure to repay a US$150 million loan, Standard Chartered Bank submitted an application to liquidate Trinity Holdings to the Supreme Court of Bermuda in December 2020.
According to a document issued by Trinity Group in March 2021, “in order to achieve a result that satisfies both parties,” in the previous three months, Trinity Holdings has been “positively responding” and maintaining communication with Standard Chartered Bank.
At the same time, in order to “protect the interests of Trinity Holdings employees, the company, other bondholders and investors”, Trinity Holdings submitted an application to appoint a liquidator to the Supreme Court of Bermuda in March 2021 to provide bankruptcy protection for the company.
Shandong Ruyi has been engaged in aggressive overseas mergers and acquisitions for many years, and has fallen into a debt crisis in the past two years. High liquidity liabilities have made the company unable to repay debts many times in the past two years. Being in deep trouble, Shandong Ruyi had no time to take into account the overseas brand assets it acquired. Many overseas brands were implicated and entered bankruptcy protection procedures, or their operations were stagnant.
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