TAI PING CARPET (00146) issued an announcement. On November 21, 2023, at...
According to the Zhitong Finance App, TAI PING CARPET (00146) announced that on November 21, 2023, it won Winter Equities Company L.P. and Edmal Realty Co. Following the agreement of LLC (as the owner of the principal tenancy agreement), TPCA (a wholly-owned subsidiary of the company, as a sub-owner) and Pipes & Shaw LLC (DBA Veronica Beard) (as a sub-tenant) entered into a sublease agreement for the showroom property for a period of 46 months from December 1, 2023 to September 29, 2027 (including the first and last two days), with a total value of compensation payable during the lease period of approximately US$1.2 million.
According to reports, the showroom property is located on 2nd Floor, 26 West 17th Street, New York, New York, U.S.A.
According to the announcement, the company's business in New York, USA, has been operating through two showrooms in the Manhattan area. After a strategic review, the company decided to merge the two existing showrooms into one flagship store. This sublease realized the relevant changes while reducing fixed costs. Due to the weakness of the local real estate market due to the novel coronavirus, although the promised rent expenses of the main lease cannot be fully recovered through sublease income, the merger of showrooms will provide better economic benefits, increase brand awareness and save costs, and the saved operating expenses can be used for the company's other key business needs.