honestbee seeks court protection for over US$180m of debt; lays off 38 staff

HONESTBEE has applied to the High Court to kick off a court-supervised restructuring process that would give it a six-month reprieve from its creditors, whom it owes over US$180 million, chief executive Ong Lay Ann told The Business Times on Friday.

Meanwhile, the startup has also laid off 38 employees in Singapore this week, in roles including operations and warehousing in its supermarket habitat, as well as at its headquarters.

The restructuring and layoffs are needed to streamline honestbee's operations and work towards paring down its debt, said Mr Ong, who took the helm at honestbee on July 15.