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 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 as 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.
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