Singapore

Dennis Tay files for personal bankruptcy, liquidates Naiise


After years of being plagued with issues such a non-payment to distributors and leaving workers, Dennis Tay’s Naiise retail enterprise closed, with the entrepreneur quickly to comply with submitting chapter.

The retailer closed its department at Jewel Changi Airport final Sunday, April 11, and fully stopped operations at 11:59 pm on April 14, based on TODAY On-line. The enterprise was identified for showcasing Singapore-made merchandise by native designers, and was one of many largest platforms for promoting locally-made items.

Issues since 2013

In response to the identical report, the enterprise had been beset with issues since 2013. These points included distributors not being paid on time, and a number of other workers leaving.

A report from Asia One talked about that apart from owing cash to distributors, the enterprise nonetheless had obligations with banks and former workers. The cash owed to distributors have been mentioned to vary from a whole lot of {dollars} to tens of 1000’s.

COVID-19 pandemic sounded the demise knell

Unable to get better from the consequences of the COVID-19 pandemic on journey and enterprise foot site visitors, Dennis Tay determined to shutter the storefront in Jewel Changi on April 9. The closure, nevertheless, was solely the most recent in a protracted line of cost-saving measures Dennis imeplemented.

The report mentioned, Naiise pulled out early of an settlement to handle the retail ground at Design Orchard. “It withdrew in July last year, although it was supposed to run the retail showcase until at least January 2022. In the same month, it also shuttered its Paya Lebar Quarter outlet.”

With distributors promoting on the platform and thru consignment, the enterprise was unable to remit funds to them commonly since 2016. Naiise targeted on increasing extra brick-and-mortar outlets, and shortly grew to become the go-to place for quirky, native finds.

Dennis Tay files for personal bankruptcy, liquidates Naiise - Alvinology
picture from Naiise Fb web page

Whereas some experiences point out that at its peak in 2017, the enterprise employed round 100 folks, others mentioned that the enterprise solely had a couple of branches exterior of the Jewel Changi Airport retailer.

The Asia One report additionally mentioned, “Mr Ong Yin Hao, co-founder of Nom Nom Plush, who is owed about $15,000 since he started selling with Naiise in 2015, said: “It doesn’t look promising that we will get our money back. For Gallery & Co. and Robinsons, it was the vendors who lose out because they are unsecured creditors.”

Dennis Tay information for private chapter

In a Fb put up dated on April 15, Dennis apologized to the folks concerned within the enterprise with whom he nonetheless had obligations.

He mentioned that he borrowed closely to have the ability to repay money owed, and even dipped into his personal financial savings. Nonetheless, it was not sufficient to maintain Naiise afloat.

He mentioned, “Sadly, I’m now out of time and choices. At the moment, I made the choice to place Naiise in liquidation. Naiise.com will stop operations totally at 2359hrs, 14 April 2021.

“Briefly order, I can even be submitting for private chapter.

“As a business owner, the blame for Naiise’s demise is mine alone. I’m sorry to the employees I let go. They helped build Naiise and I consider many of them friends. To those who are owed money, I am sorry I failed you all, and for all the inconvenience and distress this has caused. Apologies also to our marketplace sellers for shuttering operations so abruptly.”

Dennis additionally mentioned that communications relating to the liquidation of his firm could be coursed by means of Deloitte and Touche.

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