Following news of Naiise closing down its last physical store and vendors revealing missing stocks and owed payments, founder Dennis Tay posted an Instagram update today (15 April) announcing that he has placed Naiise in liquidation. Tay will also be filing for personal bankruptcy.
“It has been an extremely difficult two years, and the last few weeks have been the darkest of my life. I cannot apologise enough to the brand partners whose trust I’ve misplaced and to whom monies are still due.”
In the update posted on Instagram, Tay stated that he was unable, not unwilling, to pay the vendors that he had owed money. Claiming that he had borrowed heavily from banks to keep Naiise afloat, taking out personal guarantees for these loans, he let on that both options and time have run out for him, which lead to the liquidation.
“To those who are owed money, I am sorry I failed you all, and for all the inconvenience and distress this has caused,” Tay wrote, adding that the online platform, Naiise.com, “will cease operations entirely at 2359hrs, 14 April 2021”.
Once having multiple retail spaces, including one at Jewel Changi, Naiise is an eight-year-old brand that worked with various brands, the majority being small local businesses on a consignment basis. Taking responsibility for Naiise’s closure, Tay also apologised to the employees that were let go and marketplace sellers who had to shutter operations abruptly.
“No words can define the gratitude I have to our dear customers and anyone who I have worked with to make this brand possible. From the bottom of my heart, I thank you all.”
Watch more Lifestyle videos on Yahoo TV: