Beleaguered S'pore retailer Naiise makes comeback as online platform after 5 months
SINGAPORE - Five months after it stopped operations, home-grown retailer Naiise is making a comeback online on Thursday (Sept 16) after being acquired for an undisclosed amount by the WestStar Group.
WestStar Group is an investment firm founded by Mr Ong Lay Ann, formerly the chief executive of now-insolvent Honestbee.
Naiise, best known for stocking products by local designers, creatives and artisans, announced the acquisition on its Instagram and Facebook pages on Thursday morning, adding that its website will go live on the very day at 9pm.
The acquisition included Naiise’s online market platform, trademark and social media accounts.
The multi-label retailer had stopped operations on April 14 five days after it closed its Jewel Changi Airport store, and following years of payment delays to its vendors.
Among its creditors were hundreds of vendors owed sums from a few hundred dollars to tens of thousands, banks and former employees.
Besides putting Naiise into liquidation, its founder, Mr Dennis Tay, also filed for personal bankruptcy.
Audit firm Deloitte and Touche, the liquidator, told The Straits Times that the company has no material assets left. It declined to comment on debt recovery for creditors.
Naiise offered assurances to would-be vendors in its post on Thursday, saying that its "new and improved online marketplace platform allows sellers to be paid instantly upon every successful order fulfilment".
In the post, Mr Ong said: "To show its commitment in supporting local businesses, Naiise is extending an exclusive invitation for merchants, which includes waiver of listing fees and reduced last mile delivery rates, till 31st December 2021."
Beleaguered S'pore retailer Naiise makes comeback as online platform after 5 months
SINGAPORE - Five months after it stopped operations, home-grown retailer Naiise is making a comeback online on Thursday (Sept 16) after being acquired for an undisclosed amount by the WestStar Group.
WestStar Group is an investment firm founded by Mr Ong Lay Ann, formerly the chief executive of now-insolvent Honestbee.
Naiise, best known for stocking products by local designers, creatives and artisans, announced the acquisition on its Instagram and Facebook pages on Thursday morning, adding that its website will go live on the very day at 9pm.
The acquisition included Naiise’s online market platform, trademark and social media accounts.
The multi-label retailer had stopped operations on April 14 five days after it closed its Jewel Changi Airport store, and following years of payment delays to its vendors.
Among its creditors were hundreds of vendors owed sums from a few hundred dollars to tens of thousands, banks and former employees.
Besides putting Naiise into liquidation, its founder, Mr Dennis Tay, also filed for personal bankruptcy.
Audit firm Deloitte and Touche, the liquidator, told The Straits Times that the company has no material assets left. It declined to comment on debt recovery for creditors.
Naiise offered assurances to would-be vendors in its post on Thursday, saying that its "new and improved online marketplace platform allows sellers to be paid instantly upon every successful order fulfilment".
In the post, Mr Ong said: "To show its commitment in supporting local businesses, Naiise is extending an exclusive invitation for merchants, which includes waiver of listing fees and reduced last mile delivery rates, till 31st December 2021."
More at https://www.straitstimes.com/singapore/consumer/beleaguered-spore-retailer-naiise-makes-comeback-as-online-platform-after-5