The Tang Hua Seng Thon Buri department store in Thon Buri will shut its doors for good on Tuesday after operating there for more than three decades, bowing to declining revenue and mounting losses.
The closure leaves the company with only its flagship first store still operating, in Bang Lamphu area.
Tang Hua Seng Group has notified clients renting space in the Thon Buri premises that it will cease operations from 8am on Tuesday, at which time the Metropolitan Electricity Authority would cut off power to the 12-storey building on Sirindhorn Road.
The company said it planned to return once negotiations with new partners were completed, but offered no further details on the reason behind the closure.
TNN reported on Monday that the group has suffered major setbacks with revenue dropping from 827 million baht in 2018 to 409 million baht in 2021 with operating losses rising from about 29 million baht to 44 million baht during the same period.
Tang Hua Seng opened its first store in Bang Lamphu in 1962 and a second, bigger store, called Tang Hua Sen Thon Buri, in 1991.
Shoppers flocked to the Thon Buri store in Bang Phlad district on Sunday to bid it farewell, saying it will always remain in their memories.
"Tang Hua Seng has been part of my life since I was young. I came here with my elder sister and dad," said one patron in a random interview by the store. "I was saddened to hear that it will be closed."
The store posted a farewell message on its Facebook account ahead of Tuesday's closure, "We have been through a lot together. The company will miss you all. Thank you again for the good memories," it said.