- December 20, 2021
- Posted by: Stratford Team
- Category: Business
Visitors walk along the Bund in Shanghai earlier this year. Photographer: Qilai Shen/Bloomberg
© 2021 Bloomberg Finance LP
Shanghai-headquartered restaurant chain Element Fresh has filed for bankruptcy, the government-published Shanghai Daily reported today.
“While the company was profitable prior to Covid 19, the financial burdens of the past 2 years have been hurting the business,” the popular expat and health-food eatery said on its website.
The company will sign leave-without-pay contracts with its employees, and encourage them to start to look for new jobs, Shanghai Daily reported.
China, the world’s most populous nation, has followed “zero Covid” policies that have curbed the impact of the global pandemic in the country. However, reduced numbers of international tourist arrivals and expats have hurt Western-style health-food chains like Element Fresh.
M on the Bund, another long-time restaurant…