What do Dimbulah, Home-Fix, Sportslink have in common?

Singapore

DIMBULAH Coffee, once a rising star in Singapore's food and beverage scene, is set to close three of its outlets amid financial difficulties.

It could join a growing list of businesses that have exited the local market due to financial woes. Here are some notable household names:

Naiise

The home-grown retailer is being wound up after years of late payments to vendors, whose stock it sold on a consignment basis.

Naiise founder Dennis Tay, who is also filing for personal bankruptcy, has blamed an untimely investment into opening Naiise's largest store in Singapore before the Covid-19 pandemic for the company's predicament. But vendors, who are owed sums ranging from hundreds of dollars to five-digit figures, took umbrage, pointing out that payments had been delayed even before Covid-19.

Robinsons

The department store operator closed for good around the end of 2020, after chalking up at least six years of losses against declining revenues.

Robinsons, which had been in business for over a century, had said the changing consumer landscape made it difficult for the company to succeed over the long term, and that the pandemic further exacerbated its challenges.

Sportslink

The sportswear retailer was forced to shut following an application by supplier Adidas Singapore to wind up the company over S$1 million in overdue trade payables.

Sportslink, which had debts of at least S$3.4 million, did not oppose the move.

Sportslink had failed to pay Adidas in 2018, which suggests its cash flow problems arose before the Covid-19 pandemic.

At one time, the retailer had about 24 outlets in Singapore, including brands known as ae by Sportslink and Hoops Factory.

Bakerzin

Home-grown restaurant chain Bakerzin went under liquidation last year, following losses since 2015, possibly due to rising rents.

Before that, Bakerzin had already reduced its physical footprint over the years.

At one point, it operated out of 10 locations including Paragon, Northpoint, Jurong Point and VivoCity. But those were eventually reduced to five, which it shuttered last October.

China Club Singapore

China Club, a members-only club that had been a networking ground for many corporate executives, wound up last year after 19 years in business.

It had suffered years of losses amid stiff competition and rising labour and operating costs.

In its heyday, the club hosted foreign dignitaries, heads of government such as Singapore's late founding prime minister Lee Kuan Yew, and celebrities including Hong Kong actress Carina Lau.

Home-Fix

Local hardware firm Home-Fix, once a retail darling, closed for good in June last year after falling into debt amid high retail rents and changing consumer preferences.

The company had six months to restructure its debts and had plans to revive itself in a different form, but the Covid-19 pandemic put paid to these. Talks with potential investors had also failed to make headway because of the coronavirus crisis in 2020.

KidZania Singapore

The family attraction, which is backed by Malaysian sovereign fund Khazanah Nasional, closed last year while owing S$53.4 million to more than 1,000 parties including businesses and government agencies in Singapore.

Financial records showed that the business had made losses in the four years it operated here.

And some creditors have expressed frustration over what they see as a lack of clarity in the process towards recouping their money, which they were told could take one-and-a-half to two years at best.

READ MORE: Potential white knight emerges for Dimbulah Coffee, says fate rests on lease rental terms