SINGAPORE, Oct 14 — All 11 Flash Coffee outlets across Singapore have closed after its owners told regulators that they were unable to keep operating due to...
SINGAPORE, Oct 14 — All 11 Flash Coffee outlets across Singapore have closed after its owners told regulators that they were unable to keep operating due to liabilities.The company has been placed into provisional liquidation. This usually means that an appointed firm is trying to recover money for creditors while sometimes trying to keep running the business.
During the process, the liquidators, if appointed at a meeting of creditors, would try to get as much money as possible from its assets to pay creditors, the letter stated.visited five Flash Coffee outlets across the island on Friday — at Guoco Mall, Paya Lebar Quarter, Jurong Point, 1 George Street, and Keppel Bay Tower — and found that none was in operation.
The woman claimed that her salary payments for three months — December 2022, March and April 2023 — were delayed by several days. The former employee said that although she had not expected a strike, she had expected the chain to shut down for a while “because they weren’t making much money from their daily sales”.
A former employee from Flash Coffee’s corporate office, who also declined to be named, said that his monthly salary had been delayed on two separate occasions this year.The firm had laid off large numbers of staff member in November 2022, which had left the remaining workers in low spirits, he said. The delayed salary payments added to the low morale.
Various venture capital funds including White Star Capital, Delivery Hero, Geschwister Oetker, and Conny & Co took part in the round, with some increasing their stake in the company, a Flash Coffee statement on its website stated in May.
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