After closing its last store last week, Singapore home-grown retailer Naiise’s collapsed has been confirmed, the company unable to pay debts to its vendors.
Naiise owner, Dennis Tay, says on his Facebook page that he has put the company in liquidation after Naiise ceased operations on Wednesday. Tay will also file for personal bankruptcy.
In his announcement on Facebook, Tay explained he exhausted his savings and borrowed heavily from banks to keep the business afloat in the hope that Naiise would rebound after the Covid-19 pandemic.
“I also signed personal guarantees for these loans, because as long as Naiise was still an ongoing concern, there was a chance that Naiise would be able to repay, however slowly,” he said. “Unfortunately, I am now out of time and options.”
He also claimed full responsibility for the fate of Naiise.
Last week, Naiise shut its last store at Jewel Changi Airport, marking the end of eight-year operation. The collapse resulted from the inability of paying its vendors together with poor sales during the Covid-19 pandemic. Naiise had been accused of defaulting on payments and owing up to US$75,000 since last year.