Local electronics retailer Newstead has been placed in liquidation, with a question mark over the future of some of its stores, including several planned for the Funan mall development.
In a press release, Newstead said Acres Advisory’s Tee Wey Lih has been appointed provisional liquidator and after a reorganisation of the business, about 100 jobs had been terminated.
“Newstead wishes to reassure customers that it is still business as usual for all 10 Nubox outlets and selected Newstead stores, and that the company will continue to honour all transactions and service commitments during this transition period.” Nubox is an Apple-authorised reseller business formed in 2008.
The company did not provide details on which stores would be retained after the restructure and which would close. Newstead operates several single-brand concept stores at Suntec City and other locations for IT brands Dell, Asus, Lenovo and HP as well as DigitalStyle and @notebook.com outlets. The single-brand stores were shuttered as of Tuesday.
Neither Newstead or CapitaLand, have commented on the future of the stores planned for Funan.