The Singapore home-grown retailer closed its last store last week and has now confirmed its collapse.
It has been confirmed by Naiise owner, Dennis Tay that the company was put into liquidation after ceasing operations on Wednesday. Tay will also file for personal bankruptcy, explaining that he has exhausted his savings and borrowed heavily from banks to keep the business afloat.
He comments: “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.”
Naiise shuttering its last store at Jewel Changi Airport last week ended the brand’s eight years of operation. The brand has ultimately collapsed following the inability to pay its vendors together with poor sales as a result of the Covid-19 pandemic.
