SINGAPORE: Robinsons will close its last two Singapore outlets at The Heeren and Raffles City shopping centre after operations were hit by weak demand and the COVID-19 pandemic, the department store said on Friday (Oct 30).
Robinsons has begun the liquidation process for the two stores and employees have been informed of the situation, the company said.
The provisional liquidators will now take control of the company’s assets and assess options to realise value in order to maximise returns to creditors.
"Subject to confirmation, the liquidators are hoping the stores will remain open for the coming weeks to facilitate final sales for customers before they are shuttered," it said in a media release.
Employees were informed of the liquidation process on Friday and have been assured that the provisional liquidators will also work to maximise returns to them, said Robinsons.
Robinsons management has also ensured that employees are supported with a payment in keeping with the Insolvency, Restructuring and Dissolution Act, it added.
"Further, these payments will be made to them in line with the next payment cycle; well in advance of the usual liquidation process timing which would usually take months," said the store.
Cameron Duncan and David Kim from KordaMentha have been appointed as provisional liquidators.
Robinsons' senior general manager Danny Lim said that the changing consumer landscape made it difficult for the department store to "succeed over the long-term". The challenges were exacerbated by the COVID-19 pandemic, making it untenable for Robinsons to continue operations.
“We regret this outcome today. Despite recent challenges in the industry, the Robinsons team continued to pursue the success of the brand," he said.
"We have enjoyed success over the years, and it has been an honour for Robinsons to serve the Singapore market. I am grateful for the dedication of our team, and for the support shown by our customers over the years.”
Two Robinsons outlets in Malaysia - Shoppes at Four Seasons Place and The Gardens Mall - will also undergo a similar liquidation process.
Earlier in May, Robinsons also announced that one of its outlets in Jem would close down in August.
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