Man: Dude, I really want to straighten my hair for my birthday party to impress my crush. I was also thinking of getting a luxury bag to complete my look. What should I do?
Friends: Reebonz lah!
The joke above may be an insult to anyone with a sense of humour, but no one at Reebonz is laughing at the moment.
The luxury marketplace has had a tough year, with sellers complaining of delayed payments and debt piling up.
Some buyers were unsatisfied with their purchases too.
Things came to a head last month when Reebonz announced that it was undergoing voluntary liquidation.
Now, they’re selling their own building.
Reebonz Building to Go On Sale to Pay Off Debts
Reebonz’ building at 5 Tampines North Drive 5 – the one that has served as its headquarters since 2017 – is set to go on sale.
According to The Straits Times, the building has been mortgaged to a bank and receivers have been appointed for its sale.
Opened in 2017, the company had spent US$29 million (S$39.4 million) to build the headquarters from scratch.
Its warehousing and distribution facilities were all located at the Tampines building.
Now, with the sale of this building, Reebonz’ remaining assets are its trade receivables, inventory, office and warehouse equipment, and cash at bank.
The liquidator, which was appointed by the company on 10 Sep, will carry out the sale of Reebonz’ remaining assets.
A Luxury Marketplace With a Bad Reputation
Launched in 2009 as a retailer, Reebonz is now known for the platform it launched in 2015 that enabled users to buy, sell, and trade luxury goods.
The company also has business operations in seven other countries, namely Malaysia, Indonesia, Taiwan, Hong Kong, Thailand, Australia, and South Korea.
However, in recent years, both buyers and sellers here in Singapore have started lodging complaints against the marketplace, with buyers claiming that their purchases were of inferior quality or counterfeit, and sellers alleging delayed payments.
In 2019, three complaints were filed against Reebonz, with the number shooting up to 12 in 2020. As of August this year, 18 complaints have been received so far, according to the Consumers Association of Singapore (CASE).
Owed Over $30,000 to Sellers
As of 26 Aug, Reebonz was reported to have owed more than S$30,000 to 11 sellers.
In total, Reebonz is believed to have liabilities of around S$67 million, which includes S$49 million to the mortgagee.
Curiously, Reebonz’ site says the company will be undergoing maintenance from 4 Sep.
“All orders till 3rd of Sept will be fulfilled. We will not be accepting any new orders. We will keep you updated on what’s brewing very soon,” the notice said.
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