-
IP addresses are NOT logged in this forum so there's no point asking. Please note that this forum is full of homophobes, racists, lunatics, schizophrenics & absolute nut jobs with a smattering of geniuses, Chinese chauvinists, Moderate Muslims and last but not least a couple of "know-it-alls" constantly sprouting their dubious wisdom. If you believe that content generated by unsavory characters might cause you offense PLEASE LEAVE NOW! Sammyboy Admin and Staff are not responsible for your hurt feelings should you choose to read any of the content here. The OTHER forum is HERE so please stop asking.
Another local retailer Naiise has gone bust. Founder files for personal bankruptcy
- Thread starter Balls2U
- Start date
novelties biz cannot survive unless your cost of goods produced is very low... u either sourced your goods from cheap labour tiongkok or vietnam, otherwise you wouldn't survive as average consumers wouldn't pay a high price for such trash.
RIP naiise. Not so nice now though....
Don't expect your business to grow when people can't even pronounce your fucking company name.
If he remained as an online entity. He might have survived
Homegrown retailer Naiise shuts down, founder Dennis Tay to file for personal bankruptcy
Naiise founder Dennis Tay
Naiise founder Dennis Tay. (Photos: Naiise, The Cathay)
Bookmark
SINGAPORE: Homegrown multi-label retailer Naiise has shuttered due to financial difficulties, with brand partners and trade creditors still owed payment.
Naiise founder Dennis Tay on Thursday (Apr 15) also said that he will be filing 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 apologise enough to the brand partners whose trust I’ve misplaced, and to whom monies are still due,” Mr Tay said in a post on Naiise’s Instagram page.
He added that the situation remains so because of “an inability to pay, and not unwillingness”.
In an effort to repay Naiise’s creditors some time ago, Mr Tay said he had exhausted his savings and also “borrowed heavily” from banks to keep the business afloat in the hope that Naiise could ride out this period.
“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," he said, adding that he decided on Thursday to put Naiise in liquidation, with its website ceasing operations entirely at 11.50pm on Wednesday.
"In short order, I will also be filing for personal bankruptcy,” said Mr Tay.
“As a business owner, the blame for Naiise’s demise is mine alone. I’m sorry to the employees I let go. They helped build Naiise and I consider many of them friends.”
Mr Tay apologised to those who are owed payment and to Naiise’s marketplace sellers for abruptly shuttering operations. He also conveyed his gratitude to those who have been with Naiise “through thick and thin”.
Naiise began as an online-only seller in 2013 before subsequently launching physical retail stores at The Central, Westgate Mall, Paya Lebar Quarter and Jewel Changi Airport.
The firm also previously operated the first level of Design Orchard, before pulling out last year citing business concerns due to COVID-19.
Source: CNA/zl
Homegrown retailer Naiise shuts down, founder Dennis Tay to file for personal bankruptcy
Naiise founder Dennis Tay
Naiise founder Dennis Tay. (Photos: Naiise, The Cathay)
Bookmark
SINGAPORE: Homegrown multi-label retailer Naiise has shuttered due to financial difficulties, with brand partners and trade creditors still owed payment.
Naiise founder Dennis Tay on Thursday (Apr 15) also said that he will be filing 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 apologise enough to the brand partners whose trust I’ve misplaced, and to whom monies are still due,” Mr Tay said in a post on Naiise’s Instagram page.
He added that the situation remains so because of “an inability to pay, and not unwillingness”.
In an effort to repay Naiise’s creditors some time ago, Mr Tay said he had exhausted his savings and also “borrowed heavily” from banks to keep the business afloat in the hope that Naiise could ride out this period.
“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," he said, adding that he decided on Thursday to put Naiise in liquidation, with its website ceasing operations entirely at 11.50pm on Wednesday.
"In short order, I will also be filing for personal bankruptcy,” said Mr Tay.
“As a business owner, the blame for Naiise’s demise is mine alone. I’m sorry to the employees I let go. They helped build Naiise and I consider many of them friends.”
Mr Tay apologised to those who are owed payment and to Naiise’s marketplace sellers for abruptly shuttering operations. He also conveyed his gratitude to those who have been with Naiise “through thick and thin”.
Naiise began as an online-only seller in 2013 before subsequently launching physical retail stores at The Central, Westgate Mall, Paya Lebar Quarter and Jewel Changi Airport.
The firm also previously operated the first level of Design Orchard, before pulling out last year citing business concerns due to COVID-19.
Source: CNA/zl
It's all "MADE IN SINGAPORE" trash...
what products are Naiise selling?
Only daft Sinkies would pay Sinkie rent to open up a literal Sinkie retail shop in Sinkieland in the 21st Century.
It's Singaporean brands/owners, production all done in third world countries.
It's customers are mainly tourists picking up sinkapore designed stuff. Like the Hongkie brand G.O.D (住好点)
So no tourist = bye bye
So no tourist = bye bye
it seems since 2016 already got financial problems. seems like a vanity thing to expand and keep the business going....Killed by SafeEntry and Tracetogether. And recently, SafeEntry Gateway.
This one got brawn but no brains. Use personal guarantee for a failing business within the covid period ? Lol
Now some ah gongs wanna crowdfund him.
Now some ah gongs wanna crowdfund him.
Vendors not buying Naiise founder Dennis Tay bankruptcy story, say money woes began since 2016
Vendors express their scepticism.
Belmont Lay |
April 17, 2021, 06:20 PM
Dennis Tay, founder of Singapore's home-grown retailer Naiise, said he is filing for bankruptcy after his business folded, but not everyone is buying his story that the Covid-19 pandemic did him in.
According to people who have had business dealings with Tay and Naiise over the years, their woes of not getting paid have been ongoing for years, some as far back as 2016.
Tay's Facebook post about filing for bankruptcy has also since disappeared after it was put up on April 15 and stayed up online briefly for at least a day.
Brand owners and vendors hit back
The Straits Times spoke to some of the brand owners and vendors who were owed their fair share of money.
They shared about the difficulties they faced dealing with Naiise and Tay from a few years back that had nothing to do with the current pandemic that supposedly did Naiise in.
Ong Yin Hao, co-founder of Nom Nom Plush, was owed S$15,000, but got paid more than half a year late.
He told ST he dislikes how Tay is using the pandemic to frame the failure of Naiise.
Ong revealed he stopped receiving payments from Naiise after Christmas in 2019.
Laraine Tan, co-founder of The Forest Factory, faced late payments a few months after July 2015, shortly after starting her business and is owed S$7,500.
Clearly angered by the news of Naiise folding and Tay saying he is filing for bankruptcy, Tan wrote her side of the story on Facebook on April 15.
Her post also sought to explain to laymen the dynamics of working with a platform like Naiise and how it was not possible for brand owners and vendors to not receive payment regularly or when there are sales.
She also told ST she only found out about Naiise closing down from reading online articles.
Ling Hooi Yin, artist and creator of TinyPinc Miniatures, is owed a four-figure sum.
She took to Instagram to share the “pity e-mails” she got from Tay and recorded phone calls with him promising to make payment.
Lilian Lee, founder of card game Say What With Friends, is owed RM493.80 (S$160) for products stocked at the Malaysia store.
Brand owner explain how it got to this extent
Some, such as Visakan Veerasamy, who is owed S$20,000 wrote on Facebook that it is also the brand owners and vendors who let the whole thing "get that far", despite not getting paid for years.
He also used an expletive to describe Tay.
In the comments in the post, Visakan also revealed his mindset and how he wanted things to work out eventually for good.
He wrote:
A Wordpress blog, Not Naiise, The Truth About Naiise, has since been put up.
It compiled social media posts showing the purported lifestyles Tay and his wife led prior to Naiise's closure, including living in a condominium in town and various holiday trips the couple embarked on over the last few years.
It also highlighted the problems employees and vendors faced by collating Glassdoor reviews, which served as a counter narrative to the words of encouragement Tay put up in his post about filing for personal bankruptcy, but which has since been removed or hidden.
Top photo via
If you like what you read, follow us on Facebook, Instagram, Twitter and Telegram to get the latest updates.
Vendors express their scepticism.
Belmont Lay |
April 17, 2021, 06:20 PM
Dennis Tay, founder of Singapore's home-grown retailer Naiise, said he is filing for bankruptcy after his business folded, but not everyone is buying his story that the Covid-19 pandemic did him in.
According to people who have had business dealings with Tay and Naiise over the years, their woes of not getting paid have been ongoing for years, some as far back as 2016.
Tay's Facebook post about filing for bankruptcy has also since disappeared after it was put up on April 15 and stayed up online briefly for at least a day.
Brand owners and vendors hit back
The Straits Times spoke to some of the brand owners and vendors who were owed their fair share of money.
They shared about the difficulties they faced dealing with Naiise and Tay from a few years back that had nothing to do with the current pandemic that supposedly did Naiise in.
Ong Yin Hao, co-founder of Nom Nom Plush, was owed S$15,000, but got paid more than half a year late.
He told ST he dislikes how Tay is using the pandemic to frame the failure of Naiise.
Ong revealed he stopped receiving payments from Naiise after Christmas in 2019.
Laraine Tan, co-founder of The Forest Factory, faced late payments a few months after July 2015, shortly after starting her business and is owed S$7,500.
Clearly angered by the news of Naiise folding and Tay saying he is filing for bankruptcy, Tan wrote her side of the story on Facebook on April 15.
Her post also sought to explain to laymen the dynamics of working with a platform like Naiise and how it was not possible for brand owners and vendors to not receive payment regularly or when there are sales.
She also told ST she only found out about Naiise closing down from reading online articles.
Ling Hooi Yin, artist and creator of TinyPinc Miniatures, is owed a four-figure sum.
She took to Instagram to share the “pity e-mails” she got from Tay and recorded phone calls with him promising to make payment.
Lilian Lee, founder of card game Say What With Friends, is owed RM493.80 (S$160) for products stocked at the Malaysia store.
Brand owner explain how it got to this extent
Some, such as Visakan Veerasamy, who is owed S$20,000 wrote on Facebook that it is also the brand owners and vendors who let the whole thing "get that far", despite not getting paid for years.
He also used an expletive to describe Tay.
In the comments in the post, Visakan also revealed his mindset and how he wanted things to work out eventually for good.
He wrote:
Blog about Tay put up questioning his claims
A Wordpress blog, Not Naiise, The Truth About Naiise, has since been put up.
It compiled social media posts showing the purported lifestyles Tay and his wife led prior to Naiise's closure, including living in a condominium in town and various holiday trips the couple embarked on over the last few years.
It also highlighted the problems employees and vendors faced by collating Glassdoor reviews, which served as a counter narrative to the words of encouragement Tay put up in his post about filing for personal bankruptcy, but which has since been removed or hidden.
Top photo via
If you like what you read, follow us on Facebook, Instagram, Twitter and Telegram to get the latest updates.
Similar threads
