Robinsons was founded in 1858 and is one of the oldest department stores in Singapore.
The Business Times reported today (Oct. 30) that the retail giant will be leaving Singapore for good after suffering losses in recent years.
According to Robinsons, Cameron Duncan and David Kim have been appointed interim liquidators by management consulting and restructuring firm KordaMentha.
You will take control of the company's assets and evaluate value-realization options to maximize returns for creditors.
The last two stores at The Heeren and Raffles City are likely to "remain open for final sales for a while," he added.
Robinsons employees were also briefed on the developments, and the company announced that employees will be paid according to the next payment cycle.
The liquidators will also work with the Singapore Manual & Mercantile Workers' Union (SMMWU), E2i, and the NTUC Job Security Council to ensure workers are supported.
At least six years of losses
Photo credit: TripAdvisor
According to the BT report, the department store has suffered losses for at least six years with falling sales.
Financial reports show the company posted losses of up to S $ 54.4 million in 2018.
The topline also shrank, generating sales of S $ 153.8 million in 2018 compared to S $ 257.3 million in 2014.
In late August, Robinsons closed its Jem store, saying it was "no longer a sustainable option" to run several large department stores in Singapore.
In line with the changing retail landscape and the Covid-19 pandemic, Robinsons had stepped up its efforts to reach customers online.
In addition to its existing online shop, which has been redesigned, its products have also been introduced in Lazada's “LazMall”. However, these plans have not materialized.
Robinsons said its operations in Malaysia would go through a similar liquidation process at the same time.
“We regret this result today. Despite the recent challenges in the industry, the Robinsons team continued the brand's success, ”said Danny Lim, Robinsons senior general manager.
"We have had success over the years and it has been an honor for Robinsons to serve the Singapore market."
Selected image source: InDesign Live Singapore