Mahathir's bakery closes shop after 12 years
Published on: Sunday, April 15, 2018
PETALING JAYA: Lifestyle bakery and bistro The Loaf, founded by former prime minister Tun Dr Mahathir Mohamad, is shutting down after 12 years in business.Financial advisory and restructuring provider Ferrier Hodgson's liquidator, Andrew Heng, said the owners of the bakery had decided to wind down the business."They are closing down all 12 outlets in the country," he said yesterday.
ADVERTISEMENT
Heng said the owners of the business felt that it was not possible to continue the business following losses for the past few years."Basically, it was not possible (to continue). There are just too many similar types of businesses and competitors."They are not doing good enough for profit," he added.It was reported that The Loaf was run by M&M Consolidated Sdn Bhd, a joint venture between Dr Mahathir and Motoko Resources Sdn Bhd.
ADVERTISEMENT
A report in a Chinese daily cited an unnamed director of The Loaf as saying that Dr Mahathir was not a major shareholder of the bakery, just the founder of the business.The director said a press conference would be organised to clarify matters.
ADVERTISEMENT
Dr Mahathir's foray into the bakery business started when he used to purchase bread from a bakery in Tokyo called Johan.After his retirement as prime minister, Dr Mahathir said he wanted to try his hand at business.He decided to go into making Japanese bread as he considered it to be of high quality.Stay up-to-date by following Daily Express’s Telegram channel.
Daily Express Malaysia
