S’pore Retailer Naiise Has Ceased Operations – Founder To File For “Private Chapter”

S’pore Retailer Naiise Has Ceased Operations – Founder To File

Homegrown multi-label retailer Naiise closed final Sunday its final and largest outlet at Jewel Changi Airport as a consequence of an ongoing battle to pay its distributors, a few of whom are owed about S$10,000.

Naiise has been defaulting on funds since 2016 and earlier in January final 12 months, some homegrown manufacturers have been pulling out of its on-line and bodily shops as a consequence of fee delays of as much as a 12 months.

Following widespread information of its monetary struggles, Naiise founder Dennis Tay has stepped as much as name it quits.

He posted on Fb yesterday his determination to liquidate the enterprise after eight years of operation. Naiise has since ceased operations on April 14.

Tay went on to increase his apologies to his model companions, whom he nonetheless owes cash. Whereas he’s conscious of this truth, he confused that it’s as a result of he merely doesn’t have the means to pay them.

“A while in the past, in an effort to repay Naiise’s commerce collectors, I exhausted my financial savings and in addition borrowed closely from banks to maintain the enterprise afloat; in hopes that Naiise may experience out this era,” he wrote.

“I additionally signed private ensures for these loans, as a result of so long as Naiise was nonetheless an ongoing concern, there was an opportunity that Naiise would be capable of repay, nevertheless slowly. Sadly, I’m now out of time and choices.”

Within the sombre publish, he additionally revealed that he’s submitting for private chapter.

He accepts full accountability for the demise of Naiise and went on to increase his apologies to different events: his employees that he needed to let go; his collectors; in addition to the marketplace sellers for Naiise’s abrupt closure.

Naiise’s web site is now defunct — it has been decreased to a clean house with the phrases “opening quickly” emblazoned throughout. Those that are eager to be notified of when the corporate reopens can depart their electronic mail deal with there.

Featured Picture Credit score: Naiise

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