S’pore Retailer Multi-Label Naiise Wind Up As Founder Dennis Tay Filing For Personal Bankruptcy
source lianhezaobao
The Multi-label retailer Naiise which is once the biggest platform for local designers label is issuing a liquidate to the firm after, on early Thursday morning, Naiise founder, Dennis Tay has announced the decision to liquidate the firm. He expressed that it was an extremely difficult two year and the last few weeks have been the darkest moment in his life, he can’t apologize enough to the brand partners whose have trust them and he has exhausted all his savings and also borrowed heavily from banks to keep the business afloat.
He also signed personal guarantees for these loans and after he ran out of time and options, he is forced to file for personal bankruptcy too. Where among the creditors are hundreds of vendors who owed sums from a few hundred dollars to tens of thousands, banks and former employees.
Naiise’s decision to liquidate comes after it announced the closure of its last store at Jewel Changi Airport on April 9, which is the latest series of cost-cutting measures including layoffs that Haiise had undertaken against the Covid-19 pandemic and weak retail sales. But Naiise’s financial difficulties existed before Covid-19 as some vendors having complained of delayed payments for the goods they stock with Naiise which sold them on a consignment basic since 2016 also.
At the peak of its expansion in 2017, Naiise had employed about 100 employees, although ST understands that prior to the closure of Jewel Changi Airport’s store, there were only two or three of them.
source yonglixuan
source yonglixuan