April 17, 2021
Naiise founder Dennis Tay has announced he is liquidating the company and filing for personal bankruptcy.
The Straits Times
SINGAPORE - Accusations of sob stories and delayed as well as missing payments are emerging from suppliers and partners of beleaguered retailer Naiise a day after founder Dennis Tay announced he was liquidating the company and filing for personal bankruptcy.
Several brand owners took to social media to express frustration at how Mr Tay blamed Covid-19 for poor business and the company s undoing. Many said late and missing payments and mismanagement of funds have been a problem since as early as 2016, calling into question Tay s intentions.
April 15, 2021
Naiise founder Dennis Tay said he had exhausted his savings and had also borrowed heavily from banks to keep the business afloat.
Lianhe Zaobao and The Straits Times
SINGAPORE - Multi-label retailer Naiise, once the biggest platform for local designers, is winding up.
It stopped operations late Wednesday night (April 14), after years of payment delays to its vendors.
In a Facebook post early Thursday morning, Naiise founder Dennis Tay announced the decision to liquidate the firm. It has been an extremely difficult two years, and the last few weeks have been the darkest of my life, he wrote. I cannot apologise enough to the brand partners whose trust I ve misplaced, and to whom monies are still due. I assure you all that the situation remains so because of an inability to pay, and not unwillingness.
The Straits Times
S pore retailer Naiise to wind up, founder Dennis Tay filing for personal bankruptcy
Naiise founder Dennis Tay said he had exhausted his savings and had also borrowed heavily from banks to keep the business afloat.PHOTOS: LIANHE ZAOBAO, YONG LI XUAN
https://str.sg/JynU
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Stocks missing and payments defaulted; Naiise vendors prepare for loss
SINGAPORE – Creative marketplace Naiise, once having 25,000 square feet of retail space across Singapore, closed its last remaining physical store at Jewel Changi on 11 April. Dubbed themselves as a space “where creatives, makers and customers can connect with each other”, Naiise was “serving more than 200,000 customers each month” online and offline previously.
With the pandemic affecting physical stores’ sales, the retailer will operate solely on their online platform. However, it has since come to light that founder Dennis Tay had owed multiple vendors payments from the sales of their goods, with some since pre-COVID-19.