According to SCMP, the restaurant has reported an accumulated loss in excess of HK$100 million ($12.74 million) after Covid outbreaks stopped tourists from coming.
But the restaurant's financial troubles preceded the pandemic: Prior to the pandemic, the local travel and food and beverage industries were already negatively impacted by the city's social unrest, the outlet reported.
And though the restaurant was completely closed for two years, the company said it still had to spend millions of Hong Kong dollars annually to cover inspection and maintenance works, per SCMP.
Such costs have become "a heavy financial burden for the company and its shareholders in the current economic environment," the company said, per the outlet. "We do not foresee that [Jumbo] can resume business in the immediate future."
The restaurant's woes were exacerbated last week when its kitchen barge — a separate vessel behind the boat — capsized, per Hong Kong newspaper Am730. Investigations are ongoing to determine the cause behind the 30 meter-long (98.4 feet) vessel tilting by nearly 90 degrees, per the outlet. No one was hurt, the outlet reported.