Robinsons Singapore to close after 162 years
The retailer will close down for good after suffering from at least six years of losses amid declining revenues.
Robinsons Singapore, one of the oldest stores in Singapore, will close after 162 years, according to The Business Times on Oct 30.
The retailer will close down for good after suffering from at least six years of losses amid declining revenues.
The company first made a loss after tax of $26.5 million in 2014. It recorded further losses till 2018 of $54.4 million that year.
Its stores at The Heeren and Raffles City Shopping Centre may remain slightly longer for final sales.
The Business Times found that Robinsons had been put under a creditors’ voluntary winding up on Oct 29.
A quick visit to Robinsons’ website revealed that it was locked and undergoing a “work in progress”. Showing only an image of its store at The Heeren, Robinsons has asked shoppers to head to either of its stores to make their purchases.
The news was confirmed to the paper by Robinson & Co (Singapore)’s senior general manager, Danny Lim on Oct 30.
"We regret this outcome today. Despite recent challenges in the industry, the Robinsons team continued to pursue the success of the brand. However, the changing consumer landscape makes it difficult for us to succeed over the long-term and the Covid-19 pandemic has further exacerbated our challenges,” he says.
Lim added that it has been "an honour" for Robinsons to serve the Singapore market and that he was "grateful for the dedication of (the) team, and for the support shown by (its) customers over the years".
Employees at Robinsons have been informed of the news. The company said that it will pay its employees in line with the next payment cycle.
Liquidators of the company will also work with The Singapore Manual & Mercantile Workers’ Union (SMMWU), E2i and the NTUC Job Security Council to see that employees are supported.
Robinsons says its stores in Malaysia will also undergo a similar liquidation process at the same time.
See also: Dairy Farm partners Robinsons to build food retail business in the Philippines
See Also:
Singapore's factory output grows for fourth consecutive month in October
Starhill Global REIT, a star to buy say analysts at OCBC Investment Research
Robinsons closure 'unlikely to be one-off': DBS
LMIRT's 3Q DPU plunges 87.5 to 0.07 cents
Lendlease Global Commercial REIT reports portfolio occupancy of 99.0% in 1Q business update
