Store Closing

We are closing Landfall today. Liu Shuyan visited the two stores yesterday. They communicated with the General manager and told her that they are not willing to put in an additional capital. Liu Shuyan gave previous instruction to FranVest to close one location.

We thought we had a buyer for landfall. That did not work out.

We asked the franchisor which location to close. The franchisor said Landfall is a good location but leland has a faster break even and is performing better. Based on the potential to get out of the landfall lease and these factors, we feel it is best to close landfall.

The general manager is going to move some of the staff around. She is going to work daily at the Leland location and wants to do a regrand opening. She is going to bring several fair skinned girls to leland to attract a more diverse client base.

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