Homegrown multi-label retailer Naiise closed last Sunday its last and largest outlet at Jewel Changi Airport due to an ongoing struggle to pay its vendors, some of whom are owed about S$10,000.
Naiise has been defaulting on payments since 2016 and earlier in January last year, some homegrown brands were pulling out of its online and physical stores due to payment delays of up to a year.
Following widespread news of its financial struggles, Naiise founder Dennis Tay has stepped up to call it quits.
He posted on Facebook yesterday his decision to liquidate the business after eight years of operation. Naiise has since ceased operations on April 14.
Tay went on to extend his apologies to his brand partners, whom he still owes money. While he is aware of this fact, he stressed that it’s because he simply does not have the means to pay them.
“Some time ago, in an effort to repay Naiise’s trade creditors, I exhausted my savings and also borrowed heavily from banks to keep the business afloat; in hopes that Naiise could ride out this period,” he wrote.
“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.”
In the sombre post, he also revealed that he is filing for personal bankruptcy.
He accepts full responsibility for the demise of Naiise and went on to extend his apologies to other parties: his staff that he had to let go; his creditors; as well as the marketplace sellers for Naiise’s abrupt closure.
Naiise’s website is now defunct — it has been reduced to a blank space with the words “opening soon” emblazoned across. Those who are keen to be notified of when the company reopens can leave their email address there.
Featured Image Credit: Naiise