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KUALA LUMPUR: Robinson Co. (Malaya) Sdn Bhd has started the process of liquidating its two stores in the country, as it cannot continue its operations due to weak demand in department stores.
Its two stores are located at The Gardens Mall and Shoppes at Four Seasons Place.
In a statement issued on Friday, it said that RSM Malaysia’s Datuk Robert Teo Keng Tuan has been appointed as interim liquidator.
“The interim liquidator will now take control of the assets of the company and evaluate the options for obtaining value in order to maximize the returns for the creditors.
“Subject to confirmation, the liquidators expect the stores to remain open for the next several weeks to facilitate final sales to customers before they close,” he said.
In the statement, he said at the same time, Robinsons stores in Singapore, located at The Heeren and Raffles City Shopping Center will also undergo a similar liquidation process.
Cameron Duncan and David Kim of KordaMentha have been appointed as provisional liquidators.
The statement quoted Danny Lim, Robinsons Senior General Manager: “We regret this result today. Despite recent challenges in the industry, the Robinsons team continued to pursue the success of the brand.
“However, the changing consumer landscape makes it difficult for us to succeed in the long term and the Covid-19 pandemic has further exacerbated our challenges.
“We have been successful over the years and it has been an honor for Robinsons to serve the Malaysian market. I am grateful for the dedication of our team and for the support shown by our clients over the years ”.
The statement said that Robinsons employees were informed by management and interim liquidators of this announcement.
Employees have been assured that interim liquidators will now work to maximize benefits for creditors, including employees.
Robinsons management has ensured that employees are paid in accordance with settlement regulations. These payments will be made to you according to the next payment cycle; long before the usual date of the settlement process, which would normally take months.
“The liquidators will contact the relevant government authorities to support the employees during this liquidation period,” he said.
Robinsons to close stores in the Heeren and Raffles City
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