About 3 weeks in the past (October 30), departmental retailer chain Robinsons introduced that it’s going to make its exit from Singapore for good, following losses within the current years.
It’s closing its final two retailers right here at The Heeren and Raffles Metropolis Buying Centre.
The retailer made the choice to liquidate its shops as a result of shops’ “incapability to proceed operations attributable to weak demand at malls”.
Company advisory and restructuring agency KordaMentha’s Cameron Duncan and David Kim have been appointed as Robinsons’ provisional liquidators.
KordaMentha will take management of Robinsons’ property and assess the choices to grasp worth to maximise returns to collectors.
The choice has left each prospects and suppliers within the lurch, with prospects not sure if their orders shall be fulfilled and suppliers apprehensive that they might by no means receives a commission their gross sales proceeds.
Some consignment suppliers have mentioned they’re being owed gross sales proceeds made prior to now few months.
Consignment suppliers are solely paid after items are bought to prospects.
Owes Extra Than 440 Collectors Practically S$32 million
In accordance with The Straits Instances, Robinsons owes collectors at the least S$31.7 million.
In a discover issued to collectors dated final Friday (November 13), KordaMentha mentioned that a web-based collectors’ assembly shall be referred to as on November 26, at 2pm.
A Committee of Inspection shall be appointed in the course of the assembly, and collectors will obtain a press release of the corporate’s affairs.
In the identical discover is a listing of a complete of 442 collectors as at October 29 as per administration data.
Among the many 442 collectors listed are mattress corporations comparable to Simmons, Sealy, Serta and Tempur.
Additionally on the checklist are main attire, vogue and sweetness manufacturers comparable to adidas, Estee Lauder, Elizabeth Arden, Clarins, Chanel and LVMH.
Native companies named as collectors embrace Singapore Publish, Singapore Press Holdings and Singtel.
Collectors should submit their proof of debt and proxy kind to the liquidators by November 25, 4pm in an effort to be eligible to vote on the assembly.
Featured Picture Credit score: The Edge Singapore