Vice Economics Minister Shih Yen-shiang said his ministry has inspected China Rebar and Chia Hsin Food & Synthetic Fiber, the two major group members that already applied for debt restructuring, and will move to offer assistance needed to help them sustain viable operations.

The ministry will continue its inspections of other firms affiliated with the Rebar Group. For instance, the Commerce Department under the MOEA has set up a contact window with the IDEES Department Store operated by the group, while the Industrial Development Bureau will move to inspect those Rebar affiliates engaged in synthetic fiber production and sales.

In related news, representatives of suppliers contracted by the IDEES Department Store yesterday resolved to not to withdraw their products from the department stores, so as to help IDEES tide over the ongoing financial predicament.

IDEES has a total of over 1,000 contracted suppliers, and 26 of them has organized a self-relief association.

Lee Chih-hsiang, spokesman of the association, said that they would welcome other suppliers to join the association at any time.

Lee said the annual revenues of around NT$10 billion made by IDEES come not from sales of real estate but from core department store business. Accordingly, only by allowing IDEES to stay operational will it be able to repay debts owed to the suppliers, Lee continued.

Wang Ling-mei, president of the IDEES Department Store, promised to contracted suppliers that IDEES would first clear the January debts owed to suppliers after the firm’s accounts are unfrozen on Monday. Accordingly, Lee urged Wang to honor her promise, otherwise the suppliers would no longer trust IDEES.

Lee also noted that the association has yet to make any final decision on whether gift vouchers issued by IDEES can be used at the store or not. He said it would be up to suppliers themselves to determine whether to accept the vouchers or not.

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