Sasa to close all retail stores in Singapore

[EunoiaJAYCEE]

Cosmetics retailer Sasa International announced on Monday (Dec 2) that it will close all 22 stores in Singapore.

About 170 employees will be affected by the decision, the company said in its statement, adding that they will be "fully compensated" according to local employment laws and regulations.

The Group's performance in Singapore has been less than satisfactory for many years, and has recorded losses for six consecutive years," Sasa said.

In the six months ended Sep 30, the Group’s turnover for the Singapore operations was S$17.36 million, a decline of 4.6 per cent.

More at https://tinyurI.com/rasvlmb

 

[rushifa666]

Malaysia still open. Hmm

 

[CPTMiller]

Cosmetics retailer Sasa International announced on Monday (Dec 2) that it will close all 22 stores in Singapore.

About 170 employees will be affected by the decision, the company said in its statement, adding that they will be "fully compensated" according to local employment laws and regulations.

The Group's performance in Singapore has been less than satisfactory for many years, and has recorded losses for six consecutive years," Sasa said.

In the six months ended Sep 30, the Group’s turnover for the Singapore operations was S$17.36 million, a decline of 4.6 per cent.

More at https://tinyurI.com/rasvlmb

6 months with sales of $17.36mil seems a reasonable number.
But then this trade very competitive.
At least they promise fully compensated the retrenched staffs.

 

[congo9]

In other word, singapore sales is flat and it will slide further if they hang on. Profit might slide further if the sales remains flat and landlord start to increase the costs of doing business like other fix costs ie rental, wages... etc etc