Naiise Shuts Down Completely as Owner Files for Personal Bankruptcy

By
Shawn Ambrose
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Last Sunday (11 April), Naiise closed 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.

Today, just a few days after Naiise closed its last store, the local brand has ceased operations as its owner files for personal bankruptcy.

Naiise Shuts Down Completely as Owner Files for Personal Bankruptcy

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

Now, the store has shut altogether.

Mr Tay detailed his struggles with the company in a Facebook post today (15 Apr).

“It has been an extremely difficult two years, and the last few weeks have been the darkest of my life,” he wrote.

“I cannot apologise enough to the brand partners whose trust I’ve misplaced, and to whom monies are still due. I assure you all that the situation remains so because of an inability to pay, and not unwillingness, he added.

Mr Tay said that in the process of trying to keep his business afloat, he’d exhausted his savings and borrowed heavily from banks.

Mr Tay said he also signed personal guarantees for these loans, believing Naiise would eventually be able to repay them.

“Unfortunately, I am now out of time and options”, he said. Mr Tay decided today to put Naiise in liquidation. He will also be filing for personal bankruptcy.

Tay: Blame For Naiise’s Demise is Mine Alone

Mr Tay accepted responsibility for Naiise’s closure, and apologised to those affected by his decision.

“As a business owner, the blame for Naiise’s demise is mine alone. I’m sorry to the employees I let go. They helped build Naiise and I consider many of them friends”, he wrote.

“To those who are owed money, I am sorry I failed you all, and for all the inconvenience and distress this has caused.”

Last week, it was reported that more than 100 vendors joined a Facebook group called “Naiise Vendors” to discuss approaches to retrieve their money, as they were frustrated over payment delays.

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

For those who don’t know, Naiise was known for selling products such as clothing and shoes by Singapore designers, as well as quirky items such as kueh-shaped cushions.

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

Naiise implemented several cost-cutting measures during the COVID-19 pandemic, including layoffs, but it wasn’t enough to keep the company afloat.

“I remain deeply grateful to anyone who has bought anything from Naiise. The last 8 years would not have been possible but for you, ” Mr Tay said.

Featured Image: Facebook (QUEENSHOP)

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Shawn Ambrose
Email: [email protected]