Danny Lim, senior general manager Robinsons 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."
KUALA LUMPUR: Robinson Co. (Malaya) Sdn Bhd has begun the liquidation process of its two stores in the country, as it is unable to continue operations due to weak demand at department stores.
Its two stores are located at The Gardens Mall and Shoppes at Four Seasons Place.
In a statement issued on Friday, it said Datuk Robert Teo Keng Tuan of RSM Malaysia has been appointed as interim liquidator.
“The provisional liquidator will now take control of the company’s assets and assess options to realise value in order to maximise returns to creditors.
“Subject to confirmation, the liquidators are hoping the stores will remain open for the coming weeks to facilitate final sales for customers before they are shuttered, ” it said.
In the statement, it said concurrently, Robinsons stores in Singapore, located at The Heeren and Raffles City Shopping Centre will also undergo a similar liquidation process.
Cameron Duncan and David Kim from KordaMentha have been appointed as provisional liquidators.
The statement quoted Danny Lim, senior general manager Robinsons: “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.
“We have enjoyed success over the years, and it has been an honour for Robinsons to serve the Malaysian market. I am grateful for the dedication of our team, and for the support shown by our customers over the years.”
The statement said Robinsons employees were informed by management and the provisional liquidators of this announcement.
The employees have been assured that the provisional liquidators will now work to maximise returns to creditors, including employees.
Robinsons management has ensured that employees are supported with a payment in keeping with liquidation regulations. These payments will be made to them in line with the next payment cycle; well in advance of the usual liquidation process timing which would usually take months.
“The liquidators will reach out to the relevant government authorities to support employees during this liquidation period, ” it said.
Robinsons to close stores at The Heeren and Raffles City
https://www.thestar.com.my/business/business-news/2020/10/30/robinsons-starts-liquidation-of-its-2-stores-in-kl
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