Bumps to Babes is bust. Receivers have been appointed. Directors Richard and Katrina Walker, understood to be Sai Kung residents, have posted a message on their website expressing sorrow and apology. They blamed twin pressures: high cost of rent and increasing online competition, which “offered reduced prices on our best selling items”.
Yesterday a SAI KUNG BUZZ team member asked staff why they were moving all the stock out of the Wan King Path store and onto two Bumps to Babes purple trucks. Red-sweatered Elaine Lai answered him. “It’s in liquidation,” she said, clearly upset. “Forty-four staff have all lost their jobs in one day. It’s very sad.” Elaine, who has been with the company for 16 years, referred to Richard Walker as “my ex-boss”. Her tone was somewhat less than appreciative.
SAI KUNG BUZZ interviewed Richard three years ago shortly after the local store opened. Richard was flushed with success in those days. He told us a few months before he had sold 75% of Bumps to Babes to a mainland firm for $44.9 million, making himself a multi-millionaire 14 years after he founded the business. The company that bought the chain (four stores at the time) had earlier raised US$196 million in an IPO on the Hong Kong Stock Exchange. With a confident air (it was 2015) Richard said he would manage the business for Baioo, retaining 25 per cent himself. “The bigger picture is online in China.”
When the shutter is down at the Wan King Path store you can see a notice posted by the liquidators, Zolfo Cooper. They will move to preserve the assets, sell them off and pay as many creditors as they can. At its collapse, Bumps to Babes had five stores.
It’s a regret to know the closure of this locally-grown store and is especially an unpleasant experience for me as I have just received $1300 cash coupons of the store for my 1st baby as gift. I was shocked when I found that all the shops were wound up suddenly and the gift for my baby has now become rubbish…… 🙁