Naiise founder Dennis Tay filing for bankruptcy
Following the shutting down of its operations, the homegrown multi-label retailer Naiise will proceed to liquidating its assets. Naisse founder Dennis Tay posted on his Facebook page that he will be filing for personal bankruptcy as well. He made the decision after Naiise, known as a creative marketplace of products made by Singapore designers has ceased operating its last retail outlet located in Jewel Changi Airport on Sunday.
Tay said that when the Covid-19 pandemic hit, his business has suffered in paying its suppliers. Naiise began as an online store in 2013 and during the course of its operations, it has already been struggling with crises like complaints from its suppliers for failing to fulfill its payments on time and the reported circumstances of its employees resigning from the company.
Tay also included on his social media post that he has used up all of his savings and have even taken loans from banks just to stop Naiise from going down to the point of also signing personal guarantees for the loans thinking that the business will be capable enough to settle it little by little as long as it can continue its operations.
