FJB's senior management takes 70% pay cut, seeks S$39m cash call
But cost savings from pay cuts may not amount to much; rights cum warrants issue is firm's first fund raiser since 2002
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Angela Tan
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Singapore
IN a move that reflects the tough times facing retailers here, the senior management of one of Singapore's prominent luxury fashion retailers, FJ Benjamin (FJB), has taken a further 40 per cent pay cut on top of an earlier 30 per cent to speed up its recovery.
The loss-making retailer, which has been on the Singapore Exchange watch-list since December 2016 for sustaining pre-tax losses for more than three consecutive financial years, is also looking to raise up to S$39 million via a rights cum warrants issue - its first fund raiser since 2002. FJB has a three-year deadline from Dec 5, 2016 to meet SGX's listing requirements if it wants to stay listed.
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