Departmental Store Robinsons Owes Over 440 Creditors Nearly S$32M

About 3 weeks ago (October 30), the Robinsons department store chain announced that it would be leaving Singapore for good, following losses in recent years.

It is closing its last two outlets here at Heeren and Raffles City Mall.

The retailer made the decision to liquidate its stores due to “the inability of stores to continue operations due to low demand in department stores.”

Cameron Duncan and David Kim, of the consulting and corporate restructuring firm KordaMentha, have been appointed interim liquidators of Robinsons.

KordaMentha will take control of Robinsons’ assets and evaluate options to realize value to maximize returns to creditors.

Robinsons
Image Credit: Inside Retail Asia

The decision left customers and suppliers alike, with customers unsure of whether their orders will be fulfilled and suppliers fearful that they would never be paid for the proceeds of their sales.

Some consignment providers have reported being assigned a sale product in recent months.

Suppliers on consignment are only paid after the goods have been sold to customers.

Holds more than 440 creditors close to S $ 32 million

According to The Straits Times, Robinsons owes at least S $ 31.7 million to his creditors.

In a notice to creditors last Friday (November 13), KordaMentha said an online creditors meeting would be called on November 26 at 2 p.m.

An inspection committee will be appointed during the meeting and creditors will receive a statement of the affairs of the company.

Screenshot of KordaMentha
Screenshot of KordaMentha’s notice to creditors

In the same notice is a list of a total of 442 creditors as of October 29 according to management records.

Among the 442 listed creditors are mattress companies such as Simmons, Sealy, Serta and Tempur.

Also on the list are major clothing, fashion and beauty brands such as adidas, Estee Lauder, Elizabeth Arden, Clarins, Chanel and LVMH.

Local businesses named as creditors include Singapore Post, Singapore Press Holdings, and Singtel.

Creditors must submit their proof of debt and proxy form to the liquidators by 4:00 p.m. November 25 to be eligible to vote at the meeting.

Featured Image Credit: The Edge Singapore

Our sincere thanks to
Source link

Jothi Venkat

Leave a Reply

Your email address will not be published. Required fields are marked *