About three weeks ago (October 30th), the department store chain Robinsons announced that it was leaving Singapore for good after suffering losses in recent years.
It is closing its last two stores here at The Heeren and Raffles City mall.
The retailer made the decision to liquidate its stores as the stores were unable to continue operations due to weak demand in department stores.
KordaMentha management consultancy and restructuring firm, Cameron Duncan and David Kim, have been appointed Robinsons' interim liquidators.
KordaMentha will take control of Robinsons' assets and evaluate options for realizing value in order to maximize returns for creditors.
Photo credit: Inside Retail Asia
The decision left both customers and suppliers in the lurch. Customers are unsure whether their orders will be fulfilled and suppliers fear that they may never receive their sales proceeds.
Some shipment suppliers have stated that they owe sales revenues generated in recent months.
Consignment suppliers are only paid after goods have been sold to customers.
More than 440 creditors owe nearly S $ 32 million
According to The Straits Times, Robinsons owes creditors at least S $ 31.7 million.
In a notice to creditors last Friday (November 13th), KordaMentha announced that an online creditors' meeting would be called on November 26th at 2 p.m.
During the meeting, a committee of inspection is appointed and a statement on the company's affairs is given to the creditors.
Screengrab from KordaMentha's communication to the creditors
The same notice contains a list of a total of 442 creditors as of October 29, according to the administrative documents.
Among the 442 listed creditors are mattress manufacturers such as Simmons, Sealy, Serta and Tempur.
Also on the list are major apparel, fashion and beauty brands like adidas, Estee Lauder, Elizabeth Arden, Clarins, Chanel and LVMH.
Local companies named as creditors include Singapore Post, Singapore Press Holdings and Singtel.
Creditors must present their proof of guilt and proxy form to the liquidators by November 25, 4:00 p.m. in order to attend the meeting.
Selected image source: The Edge Singapore