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Western jewelry shop in China will close down after “gross misuse” of the Chinese currency.
The jewelry store, called Western Jewelry Shop, was opened in Guangzhou in 2013 and now serves customers from all over China, including Hong Kong and Taiwan, according to a statement from the Guangzhou Post.
It was previously a discount shop in the city.
The store was founded by former Chinese premier Wen Jiabao.
Wen and his wife, Gu Kailai, opened the shop in 2016 and the business has since expanded.
The Guangzhou store, which opened its doors in 2017, has more than 1,000 employees, according the Post.
“We have never used Chinese currency and will continue to do so.
We have not used the currency of China and we will never use it,” a statement on the store’s website said.
“The business is closed, but we will not stop until we can make our money back.”
The company has been forced to take a Chinese national bank loan, but that has not halted its expansion.
Western Jewelries Shop is not the only business that is struggling to survive in China.
There are over 300 online retail chains that cater to consumers in the country.