Robinsons owes more than 440 creditors nearly US$24mil


Liquidator KordaMentha will take control of Robinsons' assets and assess the options to realise value to maximise returns to creditors.- ST

SINGAPORE (The Straits Times/ANN): More than 440 creditors are owed at least S$31.7 mil (US$24mil) by department store stalwart Robinsons, which is closing down its last two stores here.

In a notice issued to creditors dated last Friday (Nov 13), provisional liquidator KordaMentha said that an online creditors' meeting will be called on Nov 26, at 2pm.

A committee of inspection of not more than five members will be appointed during the meeting, and creditors will receive a statement of the company's affairs, said the notice which was released publicly by the liquidator on Wednesday (Nov 18).

Among the 442 creditors listed, as at Oct 29 according to management records, are mattress companies such as Simmons, Sealy, Serta and Tempur.

Other retailers and businesses named as creditors include cosmetic brands Estee Lauder, Elizabeth Arden and Clarins.

Home-grown brands such as fashion label Klarra and Ette Tea are also listed.

Other named creditors include the Orchard Road Business Association, Singapore Press Holdings and Singtel.

Robinsons said on Oct 30 that it had decided to liquidate its Heeren and Raffles City stores due to factors like changing consumer tastes and cost pressures such as rent.

Liquidator KordaMentha will take control of Robinsons' assets and assess the options to realise value to maximise returns to creditors.

Orchard Road will retain its vibrancy even without Robinsons, say experts, retailers

'There will never be another Robinsons': Shoppers and staff bid farewell to an old friend

Creditors have until 4pm on Nov 25 to submit their proof of debt and proxy form to the liquidators in order to be eligible to vote at the meeting.

Those who wish to attend the meeting should also e-mail the liquidators at robscreditors@kordamentha.com - The Straits Times/Asia News Network

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

Singapore , closing , creditors , Robinsons

   

Did you find this article insightful?

Yes
No

100% readers found this article insightful

Next In Aseanplus News

Cambodia set to have trade, labour courts by end of 2021
China's Kuaishou aims to raise up to US$5.42b in HK IPO
China: Traces of virus found at vaccination sites not infectious
For some 300 mil Chinese, reunions in their hometown is not an option this Chinese New Year
Senior N.Korean diplomat defected to South: Reports
China vows unremitting fight against corruption in CPC communique
Vietnam's National Party Congress delegates pay tribute to ex-leader
Breaking a decades-long tradition and not going home to Kuala Lumpur this Chinese New Year
11 miners rescued from east China gold mine after 14 days
FDI into China rose 4% last year, topped the world, says UNCTAD

Stories You'll Enjoy


-->