Sequoia-Backed Bakery Brand Tiger Attitude Denies Bankruptcy
Jie Shuyi
DATE:  Mar 31 2023
/ SOURCE:  Yicai
Sequoia-Backed Bakery Brand Tiger Attitude Denies Bankruptcy Sequoia-Backed Bakery Brand Tiger Attitude Denies Bankruptcy

(Yicai Global) March 31 -- China's Tiger Attitude Chartered Pastry Bank, a Sequoia-backed bakery startup, refuted a rumor about bankruptcy amid liquidity issues.

Tiger Attitude is striving to recover, including solving its capital chain problems, a person in charge of the Shanghai-based company said to Yicai Global today. 

The retailer of Chinese-style pastries, targeting young consumers, was yesterday rumored on social media to be ready for liquidation as its capital chain was said to be broken. The firm allegedly owes CNY200 million (USD29 million) in pay to its workers.

Two Tiger Attitude branches in Shanghai are currently temporarily closed while 10 branches are in business, based on Yelp-like Dianping.

Tiger Attitude closed its latest round of financing in January. Sequoia Capital and GGV Jiyuan Capital participated in the fundraising that amounted to tens of millions of Chinese yuan. 

In December 2022, rumors of unpaid salaries and supplier payments came to light. On Dec. 27, the startup said to Yicai Global that it has temporarily adjusted the salaries of some non-first-tier workers because of the pandemic, making up a small share of the total. Moreover, it was negotiating with a renovation supplier about a final payment due to a construction dispute. But the firm would return to normal in the short-term, it added.

Chinese bakery brands have been struggling amid the Covid-19 pandemic over the past years. Another snack seller, Dim Sum Bureau of Momo, has not been able to gain new funding in one and a half years after a total of five rounds in 2020 and 2021. Meanwhile, Christine, a traditional brand of cakes and bread, has closed all outlets and founder Luo Tianan has said that the firm should start bankruptcy liquidation procedures as soon as possible.

Editor: Emmi Laine, Xiao Yi

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Keywords:   Tiger Attitude Chartered Pastry Bank,bankruptcy,bakery