Cotton On says no plans to exit Asia; liquidated Asian entity does not operate stores
“Cotton On Asia Pte Ltd, the liquidated entity, does not and has never operated any stores or employed team members,” says a spokesperson.
A photo of a Cotton On store. (Photo: Velocity@Novena Square website)
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SINGAPORE: Cotton On on Tuesday (Mar 31) said it had no plans to exit the Asia region after media reports on Monday said that it had been placed under members’ voluntary liquidation.
“There have been misleading media reports suggesting that Cotton On stores operating in Asia are being closed, this information is incorrect and we have no plans to exit the Asia region,” a company spokesperson said in response to CNA queries.
“Cotton On Asia Pte Ltd, the liquidated entity, does not and has never operated any stores or employed team members,” the spokesperson added.
The firm was an inactive holding company that was no longer required, Cotton On said in a statement.
“This has no impact on customer, team, stores, suppliers or operations within the Asia region.”
On Monday, a notice published in the Government Gazette said that Cotton On Asia was placed under members’ voluntary liquidation.
This followed an extraordinary general meeting via a video teleconference call on Mar 25.
In a separate notice, creditors of the company were also notified to submit details of any outstanding debts or claims.
Cotton On operates five brands in Singapore - Cotton On, Cotton On Body, Cotton On Kids, Typo and Rubi. Its website listed over 30 stores in Singapore.
According to the group's website, it operates eight brands across 20 countries and 1,300 stores, employing about 20,000 people.
