KLW Holdings

[winston]

I'm surprized that they have lasted this long ..

Barang Barang closes By Esther Teo

The home-grown furniture retailer's six stores here, including this one at Marina Square, and two in Malaysia have been closed since Wednesday.

FALLING sales and high costs have sent furniture retailer Barang Barang to the wall and forced it to shut its shops here and in Malaysia.

The chain's approximately 50 employees will likely be laid off although some will be retained temporarily to handle the remaining furniture.

The shock announcement came in a statement to the Singapore Exchange from listed door-maker KLW Holdings, which owns a 71 per cent stake in Barang Barang.

It said weak consumer demand coupled with high rental and marketing costs had brought the chain to its knees.

KLW has placed the furniture chain under liquidation to repay creditors, including landlords, suppliers and customers owed refunds.

Its six local stores - at Central Mall, Plaza Singapura, Singapore Post Centre, Marina Square, the International Furniture Centre and Autohub@Senoko - and two in Malaysia have been closed since Wednesday.


Source: Straits Times

[behappyalways]

KLW says under CAD investigations for offences under Securities and Futures Act
http://sgx.i3investor.com/servlets/fdnews/55913.jsp

[behappyalways]

SGX raps KLW Holdings and former top executives over listing rule breaches
http://www.theedgemarkets.com.sg/sg/art ... e-breaches