Not a good day where Sasa, Hong Kong cosmetics retail chain, will be closing down all their 22 outlets in Singapore as per announced by the cosmetics retailer on Monday (Dec 2).
This announcement was made where the company performances was subpar in Singapore with six straight years of losses (as per announced by the Straits Times. This move will likely to affect about 170 workers but Sasa said that the 170 employees will be fully compensated according to Singapore’s employment regulations.
Sasa had said in a statement:
In order to improve the performance of the Singapore market, the group had taken measures in recent years to restructure the local management team and to enhance store display and product mix with a view to driving sales. Regrettably, the results were far from satisfactory
Aside from the decline, there was also impact from the months of unrest in Hong Kong which it has also taken a toll on Sasa According to a Bloomberg article.
But if you still need some stocks from Sasa, you can head over to Malaysia where it’s reported that Malaysia business will still continue on and the Sasa will focus on Malaysia which Sasa said had a higher potential for further development.