Flash Coffee exits Singapore, with S$14 million in debts to creditors, staff
Union is assisting employees who were terminated on Thursday
Add BT as a preferred source
FLASH Coffee’s Singapore business owes over S$14 million to more than 150 creditors. This includes employees who were not paid up to two months’ salaries, as well as contributions to the Central Provident Fund (CPF).
The company, which exploded onto the coffee scene in 2020, has shuttered its remaining 11 Singapore outlets. Its local entity has filed for a voluntary winding-up, The Business Times reported earlier on Friday (Oct 13).
Flash Coffee’s staff have not been paid their October salaries and part of their salaries for September, a workers’ union told BT on Friday. They are also owed CPF contributions.
TRENDING NOW
DBS, OCBC and UOB shares hit all-time highs as sentiment improves
E-commerce job cuts signal S-E Asia’s shift from scaling to deeper user engagement
Targeted credit relief: Vietnam steers funding to Vingroup, Sun Group, Masterise megaprojects
With AI, it’s not about coding better; workers need to think better: Koh Boon Hwee
