This is Jiyong Kim, Managing Director of TOM N TOMS COFFEE.
Firstly, say my apology to managements of Thanya Park for delay of our construction and response.
As I mentioned in previous meeting, I have discussed the matter with HQ during my business trip to Korea.
And, we got response yesterday that HQ can provide financial investment/support only after July.
Thus, I have to say that we can proceed with construction from August.
We deeply apologize for the current situation.
We have encountered unexpected financial loss from our contractor in the beginning of this year.
And, it take serious effect on our cash-flow and take 2~3 more months to recover.
We also have tried to offer to local investor or potential franchisee.
But, no potential franchisee agrees on investment on the location unfortunately.
Thus, we would like to suggest alternatives as follows:
1. Start fitting out from August once financial investment be done.
2. Landlord supports the fitting out cost as an investment. (around THB 4,500,000.00)
And, TOM NTOMS pays back by increasing rental fee ratio.
3. Cancel the confirmation.
We also wish to find a way to continue.
However, we will accept if we can not continue but have to terminate the confirmation.
I apologize again and look forward to your kind response.
Best regards,
Jiyong