Local multi-label retailer Naiise closed its last and largest store at Jewel Changi Airport last Sunday as it continues to struggle to pay its suppliers, some of whom owe about S $ 10,000.
Naiise has been in default since 2016, and in early January last year, some domestic brands pulled out of their online and physical stores due to payment delays of up to a year.
Dennis Tay, the founder of Naiise, has stepped up after widespread news about his financial troubles.
He posted his decision on Facebook yesterday to liquidate the business after eight years of operation. Naiise has since ceased operations on April 14th.
Tay continued to apologize to his brand partners, whom he still owes money to. Although he is aware of this fact, he stressed that it is because he simply does not have the means to pay for it.
"Some time ago I used up my savings repaying Naiise's trade creditors and also borrowed from banks to keep business going, hoping Naiise could survive this period," he wrote.
“I also signed personal guarantees on these loans because while Naiise was a persistent problem, the possibility existed that Naiise would be able to repay itself, albeit slowly. Unfortunately, I now have no more time or options. "
In the somber post, he also revealed that he is filing for bankruptcy.
He takes full responsibility for Naiise's death and apologized to other parties: his co-workers, whom he had to let go; his creditors; as well as the marketplace vendors for the sudden closure of Naiise.
The Naiise website is no longer available. It has been reduced to a space with the words "opening soon" attached. If you want to be notified when the company reopens, you can leave your email address there.
Selected image source: Naiise