The local sports retail chain Sportslink has gone into liquidation after some financial problems.
This news was quite a shock, as the store recently announced it would reopen in a Facebook post on June 22 after the switch to Phase 2 breaker on June 19.
According to the liquidator, Sportslink owes its employees a number of creditors and a monthly salary. The total debt was at least S $ 3.4 million.
One of his creditors was Adidas Singapore, whose supplier.
A month ago, on June 9, Adidas Singapore filed a motion with Sports Court to dissolve Sportslink. The latter had owed adidas Singapore overdue liabilities of S $ 1.3 million since April 2018.
According to an affidavit from a director of Adidas Singapore, Sportslink has partially repaid the debt and previously approved a repayment plan, but did not implement it.
As of November last year, Sportslink owed Adidas around S $ 991,000.
The biggest creditor, however, is a Malaysian Brooks product sports provider that owes S $ 1.2 million.
Sportslink: The OG Sports Store
Sportslink started as a sports interlink in the Queensway Shopping Center.
It was founded in 1983 by the late Lim Kau Tee and only registered as a sports link four years later. Sports Link Pte Ltd (SLH) was later registered in 1994.
It started expanding its reach to on-site shopping centers in 1995 and grew rapidly in Singapore. At its peak in 2015, it had 35 branches across the island.
However, in his Facebook post of January 22, only nine outlets were listed, including a factory outlet.
Hoops Factory / Photo credit: Gotomalls
Two brands under SLH – the basketball shop Hoops Factory and Intersports – have both closed in the Queensway Shopping Center.
Selected image source: Nestia