As the oldest retailer in Singapore with more than a century in business, Robinsons Singapore, will close down for good, following losses in recent years.
As cited News24xx.com from The Business Times (BT), the department store operator had been put under a creditors’ voluntary winding-up and Robinson & Co of Singapore confirmed it in a statement on Friday.
But its last two stores at The Heeren and Raffles City Shopping Centre may remain open for a while more for final sales.
Danny Lim, the senior general manager, said, “We regret this outcome today. Despite recent challenges in the industry, the Robinsons team continued to pursue the success of the brand. However, the changing consumer landscape makes it difficult for us to succeed over the long term and the Covid-19 pandemic has further exacerbated our challenges.”
Robinsons employees have been informed by management and the provisional of this news, and the employees will be paid in line with the next payment cycle.
The close becomes an end to at least six years of losses that Robinsons has chalked up against declining revenues.
Financial records show that the company:
- In 2014, the company made a loss after tax from continuing operations of $26.5 million.
- In 2015, its losses to $17.4 million.
- In 2018, it recorded losses of $54.4 million.
In May, Robinsons has the closure of its 85,000 sq ft outlet at Jem shopping mall.
Robinsons said its stores in Malaysia, located at Shoppes at Four Seasons Place and The Gardens Mall, will also undergo a similar liquidation process concurrently.