Naiise announces the liquidation; the founder files for personal bankruptcy
After the announcement of the closure of its last physical store by Naiise and the revelation of the suppliers missing stocks and payments dueFounder Dennis Tay posted an Instagram update today (April 15) announcing that he has put Naiise into liquidation. Tay will also file 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 apologize enough to the brand partners whose trust I have lost and to whom money is still owed.
In the update posted on Instagram, Tay said he was unable, and unwilling, to pay the sellers he owed money to. Claiming that he had borrowed heavily from the banks to keep Naiise afloat, taking personal collateral for these loans, he implied that options and time were running out for him, which led to the liquidation.
“To those who are owed money, I’m sorry I let you all down, and for all the inconvenience and distress this has caused,” Tay wrote, adding that the online platform , Naiise.com, “will cease operations entirely at 11:59 p.m., 2:00 p.m. April 2021”.
Formerly having multiple retail spaces, including one at Jewel Changi, Naiise is an eight-year-old brand that has worked with a variety of brands, the majority of which are small local consignment businesses. Taking responsibility for the closure of Naiise, Tay also apologized to the employees who were laid off and the market vendors who had to abruptly shut down their operations.
“No words can define the gratitude I have for our dear customers and everyone I have worked with to make this brand possible. From the bottom of my heart, I thank you all.”
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