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SINGAPORE – Robinsons is liquidating its two department stores at The Heeren Mall and Raffles City, the retailer said on Friday (October 30).
This means that the last two Robinsons stores will close and the retailer will exit Singapore after 162 years.
Robinsons said in a statement that the liquidation decision was made after the “inability of the store to continue operations due to weak demand in department stores.”
Danny Lim, Robinsons Senior General Manager, said: “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 be successful 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 Singapore market. I am grateful for the dedication of our team and for the support shown by our customers throughout the years.”
Mr. Cameron Duncan and Mr. David Kim of corporate advisory and restructuring firm KordaMentha have been named interim liquidators, Robinsons said.
The interim liquidators will now take control of the company’s assets and evaluate options for obtaining value in order to maximize returns to 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,” Robinsons added in the statement.
The retailer said its employees were briefed on Friday by management and interim liquidators of the liquidation, adding that they have been assured that the liquidators will now work to maximize returns for creditors, including employees.
Robinsons said his administration has ensured that employees are backed with payments that will be made to them according to the next pay cycle.
“(This) is well ahead of the usual time for the liquidation process, which would generally take months,” the company added.
KordaMentha will now aim to work with the Singapore Mercantile and Manual Workers Union, the Employment and Employability Institute of the National Trade Union Congress and the NTUC Workplace Safety Council to ensure that employees are supported.
Liquidators will also take advantage of existing government schemes, such as SkillsFuture Singapore’s SGUnited Jobs and Skills Package.
The Robinsons stores in Malaysia, located at Shoppes at Four Seasons Place and The Gardens Mall, will also undergo a similar liquidation process with the appointment of RSM Malaysia’s Datuk Robert Teo Keng Tuan on Friday as interim liquidator.
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