Home-Fix Closing Down All Outlets With Close to $20 Million in Debt

Duct tape is the only DIY invention that you’ll need, and the only one that’s worth mentioning.

For instance, look at this pic:

Look very carefully. That’s a duct taped car (look at the wheel hub). A car with a ruined finishing brought back to life as a silverback.

Chair a bit wonky, but mostly working? You’re lacking duct tape.

Part of your pipes leaking? Duct tape.

Need to kidnap someone? Duct tape.

Need a boat? Duct tape.

Hold on a sec, one of those isn’t like the others.

Anyway, my point is this: with duct tape being the only tool you’ll need for all your DIY needs, it’s no wonder that Home-Fix is closing down, as first reported by Business Times.

All of their stores are closing; at their peak in 2014, they had 23 stores.

For y’all that don’t know (like my fellow duct-tape worshippers), Home-Fix is a homegrown hardware store.

Was the closure foreseen?

Mothership reports that there were already clues to their closing down. Clearly, they don’t know the true reason is that duct tape exists.

Among the clues they listed:

• Downsizing from 23 outlets in 2014 to 16 in 2018 – seen as a reinvention to compete against e-commerce
• Highlighted as a case study for efforts to adapt to technological disruption
• Biggest warehouse sale ever at Taiseng HQ in March 2019
• Compass One Outlet re-entered and repossessed in April 2019
• Home-Fix “experience centre” mysteriously ending in Oct 2019

Even with all these clues, it would appear that their vendors and suppliers didn’t expect the closure, and Home-Fix apparently owed creditors S$19.8 million and is undergoing interim judicial management.

Case: Gardening Workshop Trainer Owed S$520 Since Oct 2018

A workshop trainer, Olivia Choong, who worked with Home-Fix to conduct gardening workshops on their premises last December explained her woes on Facebook.

She was supposed to be paid S$65 for each participant, although it was free for their members. In total, she was owed S$520.

But Home-Fix didn’t pay her, even when she emailed and Whatsapped the CEO whom she was an acquaintance with. Although the CEO replied that he would look into it, she was ignored still.

Although some staff from Home-Fix helped followed up, it turned out they all left later.

If you dig a little into their organisation on Glass Door, you’d see accounts of Home-Fix owing money to vendors/suppliers, staff turnover is high and the company is in debt.

She is looking to the Small Claims Tribunal for her payment though she is not optimistic about her chances.

An anonymous friend of Choong also shared with her that Home-Fix owed them some six-figures and that the company met up with creditors. Choong was not invited to the meetup, but she believes the Home-Fix CEO is not out to cheat her.

Experts Blame The Lack Of DIY Culture

Retail experts talking to TODAYonline say that high costs, competition, and lack of a DIY consumer base are contributing reasons for the closure.

Most Singaporeans just don’t have the time for DIY, especially since Singaporean households have two working adults.

So instead, we just find professionals to do it for us.

There are a lot more reasons listed in the report by TODAYonline, like that supermarkets NTUC, Giant, DAISO and the like offering the same thing but at a cheaper price.

But don’t listen to the self-proclaimed experts, we all know that it’s because duct tape exists.