SINGAPORE: Homegrown multi-label retailer Naiise has shuttered due to financial difficulties, with brand partners and trade creditors still owed payment.
Naiise founder Dennis Tay on Thursday (Apr 15) also said that he will be filing for personal bankruptcy.
“It has been an extremely difficult two years, and the last few weeks have been the darkest of my life. I cannot apologise enough to the brand partners whose trust I’ve misplaced, and to whom monies are still due,” Mr Tay said in a post on Naiise’s Instagram page.
He added that the situation remains so because of “an inability to pay, and not unwillingness”.
In an effort to repay Naiise’s creditors some time ago, Mr Tay said he had exhausted his savings and also “borrowed heavily” from banks to keep the business afloat in the hope that Naiise could ride out this period.
“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," he said, adding that he decided on Thursday to put Naiise in liquidation, with its website ceasing operations entirely at 11.50pm on Wednesday.
"In short order, I will also be filing for personal bankruptcy,” said Mr Tay.
“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.”
Mr Tay apologised to those who are owed payment and to Naiise’s marketplace sellers for abruptly shuttering operations. He also conveyed his gratitude to those who have been with Naiise “through thick and thin”.
The firm also previously operated the first level of Design Orchard, before pulling out last year citing business concerns due to COVID-19.