Naiise to close remaining store at Jewel Changi Airport amid financial issues
Add BT as a preferred source
HOMEGROWN retailer Naiise will close its Jewel Changi Airport store - its last and largest in Singapore - this Sunday, amid an ongoing struggle to pay its vendors.
It was reported in January last year that some brands had withdrawn their stocks from Naiise, which sells on a consignment basis, after being owed sums ranging from hundreds of dollars to five-digit figures. Some vendors told The Business Times (BT) that they are still waiting to be paid.
In response to queries from BT, Naiise founder Dennis Tay said the Covid-19 pandemic affected the business and its ability to pay vendors. "These claims happened before Covid-19 and (Naiise) never recovered from Covid-19."
TRENDING NOW
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
Ringgit sinks to seven-month low despite record bond inflows as Fed fears dominate
Simba ordered to pay S$700,000 in damages to indoor skydiving operator Altitude Xperience for trespass
What Qantas’ Project Sunrise really means for Singapore
