Singapore-based ‘tech-driven’ coffee chain Flash Coffee has shut down all 11 stores across the city-state, a move it said would allow it to “double down” on more promising markets.

The chain told Channel NewsAsia it decided to “further consolidate” future efforts on fewer markets as it aims to build a profitable and sustainable business.

Flash Coffee has about 200 locations in Singapore, Indonesia, Thailand, Hong Kong, and South Korea, although it recently culled its Hong Kong store network as well. It opened a flagship store in Singapore in 2021.

The Business Times reported that Flash Coffee’s Singapore business owes over S$14 million (US$10.2 million) to more than 150 creditors, including employees who were not paid for up to two months.

Some social media posts showed the chain’s baristas had staged a strike in the country, but the company later denied it.

“We ceased operations at our 11 stores and consequently, our baristas are not required to report to work,” a spokesperson stated.

He added most staff in the Singapore head office have been offered roles in other markets, or with its regional team.

A search on the Accounting and Corporate Regulatory Authority (ACRA) portal showed that the company’s status was “in liquidation – creditors’ voluntary winding up”.

Flash Coffee was founded in 2019 by David Brunier and Sebastian Hannecker, former executives at Foodpanda and Bain & Company, respectively.

The company announced multiple layoffs last year, but raised $50 million in a Series B funding round led by White Star Capital in May. It closed 10 stores in Taiwan early this year and at least three in Hong Kong during the past quarter.

The chain had almost 30 outlets in Singapore in 2021.