Naiise to Close the Last Physical Outlet at Jewel Changi Airport; Owed Payments to More than 100 Vendors

The pandemic has proved one thing: COVID-19 is bad for business.

If I were to list all the businesses that have been forced to shutter during the pandemic, I’d probably develop carpal tunnel syndrome.

Robinsons, Espirit, Topshop, and Sportslink, to name a few, all closed for good after the coronavirus landed on our shores.

Now, more than a year after the pandemic started, businesses are still getting snuffed out one by one, as yet another bit the dust recently.

Naiise to Close the Last Outlet at Jewel Changi Airport

Local retail store Naiise will close its last outlet at Jewel Changi Airport on Sunday (11 April) due to the economic effects of the pandemic and an inability to pay vendors.

The store closed three outlets last year including its Paya Lebar outlet, which only opened in 2019.

For those who don’t know, Naiise is known for selling products such as clothing and shoes by Singapore designers.

It was founded as an online store in 2013 and the company opened their first physical store two years later.

Sadly, even though it was popular with locals, founder Dennis Tay said that Naiise “never recovered” from the pandemic.

As a result, the company is now struggling to pay its vendors.

Over 100 Frustrated Vendors Make Facebook Group Over Delay in Payments

Frustrated by the delay in payments, more than 100 vendors have joined a Facebook group called “Naiise Vendors” to discuss approaches to retrieve their money.

Despite being owed amounts ranging from S$1,000 to S$10,000, some vendors told TODAY, that their calls to Mr Tay have not been picked up for long periods.

The problem for vendors is that compelling Naiise to pay their debts can be time-consuming and rather costly, as they would need to hire a lawyer or debt collector.

This is why one vendor, who was owed around S$4,000, decided to write off the debt.

Reportedly Defaulting on Payments Since 2016

Naiise’s owner says it was the pandemic that put the nail in their coffin, but their financial woes began long before that.

According to The New Paper, Naiise has been defaulting on payments since 2016.

Mr Tay explained that he struggled with payments after the loss of key staff as well as a slow transition from a start-up to a full-fledged company.

Then, in Jan 2020, it was reported that some local brands had pulled out of Naiise after payments were delayed for up to a year in some cases.

Mr Tay didn’t pass the buck when asked about his firm’s financial troubles back in 2018, however.

“When I started this company, it was about helping these brands to grow, and that has not changed for me. I blame the leader, which is me, for not having proper systems in place.”

Featured Image: Facebook (QUEENSHOP)