Singaporean retailer Sportslink will be closed by court order over debts of more than US$720,000 owed to supplier Adidas and more than $2.44 million including other creditors.
According to the Business Times, the firm did not object to the ruling, with its financial difficulties tracing as far back more than two years. Previous agreements to settle debts by installments failed to eventuate.
Sportslink once operated 24 outlets throughout the city state, although recent Facebook posts list just nine stores.
Adidas Singapore applied to have the firm liquidated after a statutory demand for immediate payment in November failed to settle the matter, a move that drew the support of other creditors.
The firm advertised reopening following Singapore’s circuit breaker coronavirus lockdown barely a fortnight before the liquidation ruling was made. It has not filed recent financial statements with Singapore’s Accounting and Corporate Regulatory Authority.