Local retailer Naiise closes last store at Jewel Changi, owes vendors over $30k, may wind up operations
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SINGAPORE - Multi-label retailer Naiise may wind up, after years of payment delays to its vendors. It said on Friday (April 9) that it is closing its last store at Jewel Changi Airport. Jewel Changi Airport confirmed to The Straits Times on Saturday that thLocal retailer Naiise closes last store at Jewel Changi, owes vendors over $30k, may wind up operations
SINGAPORE - Multi-label retailer Naiise may wind up, after years of payment delays to its vendors. It said on Friday (April 9) that it is closing its last store at Jewel Changi Airport. Jewel Changi Airport confirmed to The Straits Times on Saturday that the retailer will be closing its outlet at the mall. «A tenant has been found to take over the space and this will be shared when the store is ready to open,» its spokesman said. In a video posted on Facebook on Friday by debt collectors, Naiise founder Dennis Tay could be seen explaining that he is unable to pay back their client Bespoke Parfums Artisanaux, which said it is owed about $10,000. Citing factors such as the Covid-19 pandemic and weak retail sales, Mr Tay explained that he was unable to honour the debt repayment plan he had promised some vendors due to a lack of funds. Another man in the video who identified himself as Mr Tay's financial adviser added: «When a private limited (company) closes, the liquidator will split whatever assets we have.» Read more