Serious Reebonz - This kind of business can owe people $65million?

[Confuseous]

LUXURY marketplace Reebonz, which recently made headlines for owing sellers payment, has appointed a provisional liquidator to wind up the company as it buckled under liabilities estimated to be about S$65 million.

Its director Samuel Lim Kok Eng took out notices in The Business Times (BT) on Sept 10 to inform creditors that Reebonz is in creditors' voluntary liquidation, as it "cannot by reason of its liabilities continue its business".

Reebonz was reported to have owed more than S$30,000 to 11 sellers on its platform as at Aug 26, according to complaints lodged with the Consumers Association of Singapore. Sellers complained they had not received payments for a few months, although the agreed payout period is 20 business days.

Under this service, Reebonz picks up an item from the seller for free and makes an offer after an inspection. It then takes a cut of up to 40 per cent if the item is sold. Sellers are notified after the item has been sold and is past the return period, reported The Straits Times two weeks ago. They will then be paid via bank transfer or through Reebonz store credits within 20 business days.

 

[syed putra]

40% cut and still lose money?
Must b3 a Chinese owned company.

 

[laksaboy]

 

[Chase]

40% cut and still lose money?
Must b3 a Chinese owned company.

owned by temasek. Temasek also told mediacorp to take up a stake but the vested sum had to channel back to mediacorp for tv ads. hahaha LPPL

It's ok for the business to fail, founders paid themselves a million a year.
Burn finish the cash and call it a day.

Stupid Temasek went to call DBS to tell DBS keep on borrowing to them. DBS might be biggest creditor, but sup sup water for DBS's margins. hahaa

 

[Chase]

LUXURY marketplace Reebonz, which recently made headlines for owing sellers payment, has appointed a provisional liquidator to wind up the company as it buckled under liabilities estimated to be about S$65 million.

Just nice, $65m is about equivalent to the salaries and director fees drawn by management since Day 1.

 

[Chase]

Their own legal also ditched them.

 

[Chase]

Competitor StyleTribute survived but they are much smaller.

 

[blackmondy]

People still dare invest after looking at these scummy faces ?

 

[glockman]

They have this cool looking black building. I always salivate when I drive past, because my ambition is to one day own such a building for my cardboard collecting business.

 

[Rogue Trader]

Under this service, Reebonz picks up an item from the seller for free and makes an offer after an inspection. It then takes a cut of up to 40 per cent if the item is sold. Sellers are notified after the item has been sold and is past the return period,

Cheeby... This kind of business model means there don't even have inventory or storage costs... How the fuck did they owe $65M????

 

[eatshitndie]

they’ll make more money if they just pimp wuhan whores at $69 per pump when pumped with $69m in funding. and call themselves (f)reebonk. almost freebonk.

 

[Confuseous]

Major shareholders of Reebonz, a once rising luxury ecommerce marketplace that has struggled in recent years, have been looking to sell most or all of their shareholdings to the public market, the company’s public filings show.

Shareholders that are offloading their shares include co-founder and CEO Samuel Lim, Vertex Ventures, GGV Capital, Mediacorp, Matrix Partners, Intel Capital, and OCBC Bank.

- Nov 2019 report

 

[laksaboy]

Who likes to cut reebonz?

 

[nayr69sg]

World class talent.

Not anyone can do what they did.

I wish I could.

 

[red amoeba]

The age old wisdom never fails. Women money easiest to earn. Handbags and cosmetics. How many of the creditors are also pussy owners ?

 

[laksaboy]

The age old wisdom never fails. Women money easiest to earn. Handbags and cosmetics. How many of the creditors are also pussy owners ?

That's why the saying: a fool and her money are soon parted.

 

[nayr69sg]

Sigh.

Actually I would love to partner with some of these expert businessmen and cash out.

It is all legal. Willing buyers.

I regret not studying business and finance and working in those networks and circles.

Medicine not for me. Regret.

 

[Leongsam]

What an ugly bunch.

 

[nayr69sg]

What an ugly bunch.

They are rich.

I envy them. It is not like I am handsome either. I am also ugly. At least they are rich.

Dont fall for all the rubbish about how one must be good and all that crap.

Just try to follow the law. Get good lawyers. Stay out of jail. And be rich!

 

[laksaboy]

They are rich.

I envy them. It is not like I am handsome either. I am also ugly. At least they are rich.

Dont fall for all the rubbish about how one must be good and all that crap.

Just try to follow the law. Get good lawyers. Stay out of jail. And be rich!

You will like this.