Hong Kong businesses Hotstone Yoga and Sincere announce closures

Hong Kong's retail and service sectors are facing continued weakness as prominent businesses announce closures. The yoga chain Hotstone Yoga abruptly ceased operations on October 1, citing business conditions and other circumstances. The sudden shutdown has led to significant consumer backlash, with the Consumer Council receiving at least 286 complaints involving approximately HK$3.91 million.

Many members have reported being sold class packages just days before the closure, leading to allegations of deceptive practices. Some victims claim to have dozens of unused sessions remaining, with losses reaching tens of thousands of Hong Kong dollars per person. The Customs department is currently investigating the matter.

In addition to the yoga chain's collapse, the historic Sincere Department Store has announced it will close its Central branch at the end of the year following the expiration of its lease. Founded in 1900, Sincere is one of Hong Kong's oldest retailers; following the Central closure, it will operate only one remaining branch in Mong Kok, Kowloon.