NOT CLOSING: A spokeswoman for Three on the Bund has denied rampant speculation the Shanghai luxury landmark will close sometime this spring. “We are not closing, definitely not,” she told WWD Thursday. Since late last year, rumors have swirled around the city that the dining and retail destination, the oldest of several such projects on Shanghai’s historic waterfront, will be converted in whole or part into a boutique hotel. Sources characterize the closure as an open secret and claim staffers have told their friends, but tenants are not yet allowed to confirm their departure. “Like elsewhere we are trimming budgets and postponing a few things until next year,” the Three on the Bund spokeswoman said, adding there has been a recent management change at the helm. New chief operating officer Johnny Kiu has recently taken over from managing director Alan Hepburn. The spokeswoman said she had no idea what prompted the closure speculation. “Rumors are rumors: people hear a story and it grows out of proportion. We will not be closing in the foreseeable future,” she countered. “All that I know is that things will stay as they are, and all the restaurants will stay.” Three on the Bund’s biggest luxury tenants include Giorgio Armani and Hugo Boss.
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