Talks to reopen popular Sydney cream puff venue amid $1m tax debt
Sydney yum cha institution Emperor's Garden comes to an agreement with the Australian Taxation Office to pay back debts of more than $1 million.
Emperor's Garden, a popular Sydney yum cha restaurant in Chinatown, has been closed since August due to ATO scrutiny and a $1 million tax debt. The business, once a NSW Labor hangout, gained fame for its affordable cream puffs. The ATO closure came after unsuccessful attempts to wind up the company and repossession efforts by the lender, stemming from disagreements over handling the tax debt.
About half of the debt has been paid, and discussions to reopen are underway. The restaurant's closure has been attributed to construction, COVID, and cost-of-living pressures. The family, including CFO Valentine Yee, a son of the owner Stanley Yee, is working to revive the business. Plans for redevelopment of the site have been temporarily paused.
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