Connect with us

Business

Robinsons Singapore throws in the towel after 162 years

Published

on

LYNETTE TAN

ROBINSONS Singapore, one of the oldest retailers in the Republic with more than a century in business, will close down for good following losses in recent years. But its last two stores at The Heeren and Raffles City Shopping Centre may remain open for a while more for final sales.

The Business Times (BT) on Thursday found that the department store operator had been put under a creditors’ voluntary winding-up.

Robinson & Co (Singapore) confirmed it in a statement on Friday. Its senior general manager, Danny Lim, said: “We regret this outcome today. Despite recent challenges in the industry, the Robinsons team continued to pursue the success of the brand. However, the changing consumer landscape makes it difficult for us to succeed over the long term and the Covid-19 pandemic has further exacerbated our challenges.”

He added that it has been “an honour” for Robinsons to serve the Singapore market and that he was “grateful for the dedication of (the) team, and for the support shown by (its) customers over the years”

Robinsons employees have been informed by management and the provisional liquidators of this news. The company said that employees will be paid in line with the next payment cycle, “well in advance of the usual liquidation process timing which would usually take months”.

The exit puts an end to at least six years of losses that Robinsons has chalked up against declining revenues.

Financial records show that the company made a loss after tax from continuing operations of S$26.5 million in 2014. It sank further into the red up until 2018, when it recorded losses of S$54.4 million. The exception to this was in 2015, when it narrowed its losses to S$17.4 million.

Meanwhile, Robinsons’ topline shrunk. It generated S$153.8 million in revenue in 2018, down from the S$257.3 million it made in 2014.

Amid the coronavirus pandemic, Robinsons has shown signs of further strain with the closure of its 85,000 sq ft outlet at Jem shopping mall in May. At the time, it had similarly told BT that competition from the rapid increase in suburban malls had made having multiple, large-scale department stores in Singapore unsustainable “well before” the pandemic surfaced. Even so, “the challenges we are facing with the ongoing Covid-19 situation are extremely difficult and the uncertainty is very unsettling for all”, it added.

Robinsons said its stores in Malaysia, located at Shoppes at Four Seasons Place and The Gardens Mall, will also undergo a similar liquidation process concurrently.

Other department stores could find themselves in Robinsons’ shoes.

In August, Japanese department store operator Isetan Singapore recorded a net loss of S$317,000 for the quarter to June 30, compared with a net profit of S$1.6 million in the same period a year earlier. This was mainly due to a decline in sales as well as impairment losses on financial assets.

It had also warned that the retail environment remains “very challenging” and that a material recovery is not expected in 2020.

Robinson’s Singapore, set up over a century ago in 1858 by John Spicer, an immigrant from Australia and Philip Robinson, a former jail keeper in Singapore, in Commercial Square (now Raffles Place) as Spicer and Robinson, once one of Singapore’s largest retailers. It was apparently to Malayans what Harrods is to Londoners. Spicer left the business in 1859 when it became Robinson and Co.



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Rootcode wins Startup of the Year and People’s Choice Award at SAARC Startup Awards 2022

Published

on

Rootcode, one of Sri Lanka’s leading tech companies, recently took home the “People’s Choice Award” in addition to being bestowed with the “Startup of the Year” title at the SAARC Startup Awards 2022. This regional recognition marks a significant milestone for the Sri Lankan tech space and workforce. Rootcode’s mission to build great tech is well underway, and it is gaining traction faster than ever.

This is the first time a Sri Lankan tech company has made a name for itself in the regional competition, and it is a watershed moment that has focused the global spotlight on Rootcode’s distinct approach to fostering innovation in Sri Lanka. This is also the first time that a Sri Lankan company was able to take home two awards of those presented at the SAARC Startup Awards.

Global Startup Awards SAARC celebrates the spirit of entrepreneurship and promotes bridging boundaries through innovation in its regions, which include Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka, by recognizing them with its most prestigious awards program, attended by top-notch entrepreneurs, corporates, investors, and ecosystem builders from Nordic, Central Europe, SAARC, and ASEAN regions.

Every year, the SAARC Startup Awards bring together hundreds of South Asian startups, entrepreneurs, investors, co-working spaces, and accelerators to provide a platform to highlight trailblazers in the region’s startup world. Rootcode was chosen ahead of dozens of other regional tech startups in the competition.

Sri Lanka is a relative newcomer to the South Asian startup fraternity, and Rootcode’s ability to represent the country on the global stage not long after its inception is remarkable.

“We are extremely humbled and honored by the support shown to us at the SAARC Startup Awards 2022, and being recognized under two categories is a huge milestone for us,” said the CEO and Founder of Rootcode Labs, Alagan Mahalingam. “We have always been driven forward by excellence, collaboration, and integrity, which I believe is the reason why we have come so far and why Rootcode continues to grow every day.”

Rootcode is driven by its focus on helping businesses build great tech not just locally but globally, and its achievement at the SAARC awards stands as a testament to that. Despite the challenging times, this is a win for Sri Lanka.

Continue Reading

Business

INSEE Cement felicitates Sri Lanka’s youngest Commonwealth medallist

Published

on

INSEE Cement awarded aspiring wrestler, Nethmi Ahimsa Fernando, who won a Bronze Medal for Sri Lanka at the recently concluded Commonwealth Games in Birmingham, LKR 1 million cash reward, to support her to pursue her passion. Suranga Kumara, her coach, also received LKR 250,000 cash reward, in appreciation of his contribution towards Nethmi’s recent achievements. INSEE Cement has also pledged to support Nethmi’s aspiration to represent Sri Lanka at the 2024 Olympic games, while also providing the entire cement requirement for the completion of her new house, which is presently under construction, in collaboration with the Manusath Derana initiative.

Continue Reading

Business

Textile maker Teejay knits strong start to 2022-23

Published

on

Q1 revenue more than doubles to Rs 23.9 billion

Teejay Lanka PLC has made a positive start to 2022-23 posting Group revenue of Rs 23.9 billion for the three months ending 30th June 2022. The Group achieved nearly half its full-year revenue of 2021-22 in just the first quarter of the new financial year as a result of the low base of the previous financial year due to the impacts of COVID, the depreciation of the Rupee and the passing on of yarn price increases during the last quarter.

In a filing with the Colombo Stock Exchange (CSE), Sri Lanka’s largest textile manufacturer said it had also recorded significant growth in pre-tax and net profit at both Group and Company level in the quarter reviewed.According to interim financial statements, Group profit before tax for the three months grew by more than Rs 1 billion or 291% to Rs 1.5 billion, while Group net profit for the period was up 301% to Rs 1.2 billion.

At Company level, revenue improved by 108% in the quarter under review to Rs 12.9 billion, while profit before tax grew by 323% to Rs 1.5 billion, and net profit increased by 311% to Rs 1.3 billion.

Continue Reading

Trending