Hao Mart shuts stores, sinks deeper into losses with four High Court lawsuits looming
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SINGAPORE — Supermarket and minimart chain Hao Mart has shrunk its network of outlets as it sinks further into the red, according to checks by The Straits Times.Hao Mart’s website on April 22 lists 20 outlets in Singapore, but only seven were operating whHao Mart shuts stores, sinks deeper into losses with four High Court lawsuits looming
SINGAPORE — Supermarket and minimart chain Hao Mart has shrunk its network of outlets as it sinks further into the red, according to checks by The Straits Times.Hao Mart’s website on April 22 lists 20 outlets in Singapore, but only seven were operating when ST visited all the listed locations over a two-week period in the second half of March.The latest records filed with the Accounting and Corporate Regulatory Authority (ACRA) obtained by ST also show the company’s losses have worsened for three consecutive years.The home-grown chain reported a $49.6 million loss for the financial year ending March 31, 2025 — the latest available figure belatedly provided to ACRA in January. This amount is up from $32.8 million in the preceding year and $23.2 million in the year before.ACRA said in response to ST queries in March that it has taken enforcement action against Hao Mart for failing to submit its annual returns within six months of the end of its financial year.While the regulator did not specify the penalty, its website states that late submissions could incur fines of $300 or $600, depending on the length of delay. Read more
