SINGAPORE - Robinsons is liquidating its two department stores in The Heeren and Raffles City Shopping Centre, the retailer said on Friday (Oct 30).
This means that Robinsons’ last two stores will be closing and the retailer will be exiting from Singapore after 162 years.
Robinsons said in a statement the liquidation decision was made after the store’s “inability to continue operations due to weak demand at department stores”.
Mr Danny Lim, Robinsons’ senior general manager, said: “We regret this outcome 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 over the long-term and the Covid-19 pandemic has further exacerbated our challenges.
“We have enjoyed success over the years, and it has been an honour for Robinsons to serve the Singapore market. I am grateful for the dedication of our team, and for the support shown by our customers over the years.”
Corporate advisory and restructuring firm KordaMentha's Mr Cameron Duncan and Mr David Kim have been appointed provisional liquidators, said Robinsons.
The provisional liquidators will now take control of the company's assets and assess options to realise value in order to maximise returns to creditors.
"Subject to confirmation, the liquidators are hoping the stores will remain open for the coming weeks to facilitate final sales for customers before they are shuttered," Robinsons added in a statement.
The retailer said that its employees were informed on Friday by management and the provisional liquidators of the liquidation, adding that they have been assured that the liquidators will now work to maximise returns to creditors, including employees.
Robinsons said its management has ensured that employees are supported with payments that will be made to them in line with the next payment cycle.
“(This) is well in advance of the usual liquidation process timing which would usually take months,” the company added.
KordaMentha will now aim to work with The Singapore Manual and Mercantile Workers’ Union, the National Trades Union Congress’ Employment and Employability Institute (e2i) and the NTUC Job Security Council to ensure that employees are supported.
The liquidators will also leverage on existing government schemes such as SkillsFuture Singapore’s SGUnited Jobs and Skills Package.
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 Dato’ Robert Teo Keng Tuan of RSM Malaysia on Friday as interim liquidator.
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