SINGAPORE: Homegrown multi-label retailer Naiise has shuttered due to financial difficulties, with brand partners and trade creditors still owed payment.Advertisement“It has been an extremely difficult two years, and the last few weeks have been the darkest of my life. I cannot apologise enough to the brand partners whose trust I’ve misplaced, and to whom monies are still due,” Mr Tay said in a post on Naiise’s Instagram page.
“I also signed personal guarantees for these loans, because as long as Naiise was still an ongoing concern, there was a chance that Naiise would be able to repay, however slowly.”“Unfortunately, I am now out of time and options," he said, adding that he decided on Thursday to put Naiise in liquidation, with its website ceasing operations entirely at 11.50pm on Wednesday.“As a business owner, the blame for Naiise’s demise is mine alone. I’m sorry to the employees I let go.
TengkuNamira
Very sad to read. I wish him all the best for the future.
Failure is the mother of Success
It's despondent to see small businesses being impacted in pandemic era the most. This situation happened globally...
that's too bad...
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