- The Straits Times
Tun Dr Mahathir Mohamad’s bakery The Loaf, which sells Japanese-inspired pastry, has unceremoniously met its demise after failing to make any dough (pun intended) in recent years.
Founded by Dr Mahathir, The Loaf abruptly shuttered all 12 of its outlets on Thursday (Apr 12), shocking staff and patrons alike, reported The Malay Mail Online.
The notice, which was dated April 9, said the bakery thanked customers for their support and that all branches nationwide would be closed.
Andrew Heng, liquidator for financial advisory firm Ferrier Hodgson, was quoted by The Star as saying that the owners of the bakery had chosen to wind down the business after it failed to cease its losses for the past few years.
“Basically it was not possible (to continue). there are just too many similar types of businesses and competitors. They are not doing good enough for profit,” Heng reportedly said.
The Oriental Daily report also said a new owner had bought over The Loaf and an unnamed director of the business had been distancing the bakery’s operations from Dr Mahathir’s hands-on management.
When asked if Dr Mahathir was a major shareholder of The Loaf, the unnamed director said he was only the founder.
The Loaf is run by M&M Consolidated Sdn Bhd, which the former prime minister owns 51% stake in.
Its first RM3 million outlet was launched in Telaga Harbour Park, Langkawi, in 2006.
According to a report by The Star Online, his unusual foray into the premium bakery business started after he bought bread from Japanese bakery Johan in Tokyo.
He reportedly ventured into the business, deciding to make Japanese bread which he considered to be of high quality.