美克美家“家具抵薪”惹怒员工！“企二代”接棒后巨亏超18亿

Core Viewpoint - The closure of Meike Home's Tianjin factories has raised significant concerns about the company's operational status and financial health, with reports of unpaid wages and ongoing losses [2][3][4]. Group 1: Company Operations and Financial Performance - Meike Home announced the suspension of operations at its two wholly-owned subsidiaries in Tianjin due to significant operational losses and low capacity utilization, averaging less than 20% [3][22]. - The company has accumulated losses exceeding 18 billion yuan over the past three years, with revenue declining from 4.496 billion yuan in 2022 to 3.395 billion yuan in 2024, and net losses increasing from 289 million yuan to 864 million yuan during the same period [7][25]. - In the first three quarters of 2025, Meike Home reported revenue of 2.223 billion yuan, a year-on-year decrease of 10.10%, with a net loss of 220 million yuan [8][25]. Group 2: Employee Issues and Labor Relations - Workers at the Tianjin factories reported being owed wages for five months prior to the closure, leading to dissatisfaction with the company's proposal to compensate with a mix of cash and furniture [3][4][21]. - The company has settled all outstanding wages through a government-regulated account, but employees are still pursuing promised severance compensation [4][21]. - Reports indicate that wage delays have been a recurring issue since 2024, prompting large-scale employee protests [4][21]. Group 3: Strategic Challenges and Management - The company's management has been criticized for being outdated, with employees suggesting that the leadership has failed to adapt to market changes and competition [10][27]. - Despite attempts at reform under the new chairman, Feng Lu, who took over in 2022, the company's performance has continued to decline, indicating that these efforts have not been effective [12][29]. - Meike Home's strategy to close underperforming stores has resulted in the closure of 40 locations over two years, reflecting a significant contraction in its retail presence [14][30]. Group 4: Market Environment and Industry Context - The challenges faced by Meike Home are indicative of broader issues within the home furnishings industry, which is experiencing a downturn due to a sluggish real estate market and reduced consumer demand [10][27]. - The company is attempting to pivot towards AI and technology by planning to acquire Shenzhen Wandeng Technology, despite its ongoing financial struggles, raising concerns about the viability of such a move [17][33]. - The acquisition plan has sparked debate among investors, as it diverges from the company's core business and may exacerbate its financial difficulties [17][33].