HomeLife StyleTribeca Wizards look for a buyer after getting into financial trouble in...

Tribeca Wizards look for a buyer after getting into financial trouble in the pandemic

Founder of WizardsA café in Tribeca Serviced Apartments in Kuala Lumpur’s Golden Triangle bids farewell to its followers when the restaurant terminates its lease on July 31, 2021. They are now looking for people who are interested to take over Wizards of the Coast and continue its legacy.

“Wizards has witnessed a wonderful 4 years, the brand, concept, people and products have all made great progress,” they wrote in an article. Facebook posts Express their gratitude to the supporters who have been with them during the 1.5 years of the pandemic.

Keep their heads on the water

Before the pandemic, all tables were full/Image source: Wizards

Like hotels, Tribeca has also been hit hard because it has lost most of its short-term residents, including tourists and business travelers.

Wizards of the Coast Director Lin Lee told us that before COVID-19, many local and foreign tourists visited this cafe. Sometimes even buses full of tourists flood into cafes to drink coffee and eat.

“For each MCO, we have always tried to keep our heads clear. But in the center of Kuala Lumpur, there is no or limited dine-in for 1.5 years now, and with [residents] In serviced apartments, tourists and corporate walk-in apartments, which are our main source of income, we have to stop work,” she added.

Since the first MCO, Wizards of the Coast told Vulcan Post that their sales have fallen by 90% because they have not yet launched an online delivery service. Only in the first 2 months of the 2020 MCO, this is a rough setback of RM100,000.

During this year, as the business undergoes transformation and jumps onto more delivery platforms, 10%-15% of sales will slowly climb again.

However, as the commission for delivery partners has been reduced by 30%, the cafe has tried to attract customers back home by launching promotions, gifts and special menu items. bun pasta.

Closely integrated team

Wizards/Image Credit: Wizards

The Wizards persevered and held their heads high, initially viewing the MCO restriction as a temporary obstacle they had to jump over. They brainstorm ideas, are used to cooking and serving with hot masks, and deal with things when they come across.

In the past year, they insisted on each other during difficult times, including a team member infected with the virus, a stubborn customer who refused to wear a mask, and a significant pay cut.

Wizards’ marketing team even started their own online talk show series to let the public understand how the restaurant industry is struggling during the pandemic. Co-founder Shaun also led the “Wizards door-to-door” service. He and some other employees personally delivered food near Klang Valley.

These measures have worked to a certain extent, but as other restaurants and home businesses have joined the takeaway platform one after another, it has become too difficult to compete in such an oversaturated space.

“Then RMCO, MCO 2.0, MCO 3.0… This is ruthless! Our cash reserves are running out and we need a full pay cut. Soon we will sit down and stare at the empty tables and chairs and wait for the GrabFood machine to buzz. A loud year,” recalled Lin Li, who was defeated.

Since the staff keeps track of the company’s accounts and understands Wizards’ daily losses, they are provided with 2 options:

  • Let some team members leave, or
  • Reorganize the business so that everyone gets equal pay in the profit-sharing model.

After voting, 90% of people voted for equal pay for equal work so that everyone can stay; the team does not want to keep one person.

“This makes us very touched because it truly embodies the strength of the team spirit-a senior chef is ready to get back the same salary as the housekeeper, so that the team can remain united in this difficult time,” Lin Li explained.

They see the end is coming

When MCO 2.0 was released, Wizards’ five co-founders Ryan, Jason, Lin Lee, Shaun, and Kheong were already aware of the possibility of closure. Finally, MCO 3.0 is the tipping point.

Even with the infusion of additional funds from their personal savings, their founders have exhausted their resources and cannot bear to fight another blockade without seeing the light at the end of the tunnel.

In addition, as the lease of the cafe in Tribeca is about to expire, the chance of eventual closure arises. For the co-founders, this is by no means an easy decision, because under normal circumstances Wizards is a reputable and profitable company.

“In the catering industry, what makes us excited is talking to customers, seeing them enjoying the food, appreciating the service and atmosphere-as these are deprived, the motivation and motivation to move on every day is deeply affected.

Although it may be cheesy, Lin Li shared that the biggest loss suffered by their energetic and exciting team is their spirit.

Refocus on personal affairs

Co-founder of Wizards of the Coast / Image Credit: Wizards of the Coast

As they leave the Wizards forever, Ryan, Kang and Lin Li, who have become parents for the first time in the past year, will spend more time with their families.

In addition, after the post-Wizards, the co-founders will also pay more attention to the growth of other catering brands. which is, Red bean bag, Led by Kheong, and Yellow Brick Road, Led by Jason. Shaun will embark on a new project called ONŌ, which will provide specialty coffee and matcha.

As for whether the Wizards will continue to flourish under the new management, Lin Li said: “You never know, but now, we can safely say that this is the final farewell.”

  • You can learn more about Wizards of the Coast Here, They can be reached at 0122771298 or mailthewizards@gmail.com.
  • You can read other Malaysian startups written by us Here.

Featured image source: Tribeca Wizards

Source link


Most Popular

Recent Comments