Nanyang Optical plans to enter into voluntary liquidation after 65 years; will close 4 of 6 stores
The eyecare chain’s remaining two stores, which are under franchise arrangements, will continue operating and are unaffected
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[SINGAPORE] Established home-grown eyecare chain Nanyang Optical plans to enter into voluntary liquidation after 65 years of operations, following a review of the business by its directors.
A meeting of Nanyang Optical’s creditors will be held on Feb 13 at 2.30 pm for the purpose of appointing liquidators, among other agenda, based on a notice filed on Monday (Jan 26) in the government gazette.
Four of its stores – which are directly operated by the company – will be wound up as part of the voluntary liquidation process, managing director Bernard Yang told The Business Times in response to queries.
They are the three Nanyang Optical stores at Northpoint City, Kovan and Parkway Parade, as well as sister brand Alexis Eyewear Boutique at Wisma Atria.
The remaining two stores at Junction 8 and The Clementi Mall – which are under franchise arrangements – will continue operating independently and are unaffected.
“Like many small and medium-sized enterprises, the company faced sustained operating challenges over time,” said Yang.
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“After reviewing both the operational outlook and the longer-term viability of the business, the directors concluded that an orderly (wind-up) under a formal process was the most responsible course of action.”
Nanyang Optical’s latest financial statements were unavailable, with the most recent regulatory filing dating back to 2020.
Voluntary liquidation will allow the company “to conclude its affairs in an orderly and transparent manner under a formal process, rather than prolonging uncertainty”, Yang said.
He added that Nanyang Optical continued to “operate professionally” and serve customers, up until the decision to wind up was made.
On how much money it owed to creditors, Yang replied that he was unable to comment on “specific financial figures” as the company had already started the formal liquidation process.
“We’re grateful to our employees, customers and partners for their support over the years, and we’re focused on completing the process properly,” he said.
During the upcoming creditors’ meeting on Feb 13, a full statement of Nanyang Optical’s affairs will be shared, as well as the list of creditors and estimated amounts of their claims.
The agenda also includes the formation of a committee of inspection with not more than five members, if thought fit, as well as the address of any other business.
As for when Nanyang Optical’s four company-operated stores are to be shut, Yang said this will be overseen by the liquidator.
The business started out as a small lens grinding workshop in Geylang in 1957, before expanding to optical retail and the design and development of optical frames over the years.
It has since become a household name in Singapore, operating 16 stores at what appeared to be its peak in 2017.
Most recently, Nanyang Optical closed its Causeway Point outlet in Woodlands in May 2025 after its three-year lease expired.
Yang told BT in September that he decided not to renew the lease due to a 12 to 13 per cent increase in monthly rent, which would have caused the outlet to sink into the red.
This was alongside weaker sales at the outlet, as more customers in Woodlands flock to Johor Bahru to buy related products, he observed. Instead, Yang chose to open a store at Northpoint City in Yishun.
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