Jones the Grocer chalks up close to S$20m in liabilities
Singapore
JONES the Grocer's (JTG) Singapore arm has accumulated almost S$20 million in total liabilities, but creditors are likely to recover only a fraction of sale proceeds even if a buyer for the business is found.
The Dempsey Hill and Mandarin Gallery outlets of the Australian gourmet grocer are now up for sale after Singapore-registered Jones The Grocer International Pte Ltd was found to be insolvent and placed under judicial management on March 16.
Its parent company in Australia went into administration last December due to disputes between its former chief executive John Manos and majority shareholder L Capital Asia, the private equity investme…
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