Singapore sports retailer Sportslink collapses
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Singaporean retailer Sportslink will be closed by court order over debts of more than US$720,000 owed to supplier Adidas and more than $2.44 million including other creditors.
The firm did not object to the ruling, with its financial difficulties tracing as far back more than two years. Previous agreements to settle debts by installments failed to eventuate.
Sportslink once operated 24 outlets throughout the city-state, although recent Facebook posts list just nine stores.
Adidas Singapore applied to have the firm liquidated after a statutory demand for immediate payment in November failed to settle the matter, a move that drew the support of other creditors.
The firm advertised reopening following Singapore’s circuit breaker coronavirus lockdown barely a fortnight before the liquidation ruling was made. It has not filed recent financial statements with Singapore’s Accounting and Corporate Regulatory Authority.
Questions & Answers
Q.What led to Sportslink's forced closure?
What led to Sportslink's forced closure?
Sportslink is being closed by court order due to unpaid debts totalling over US$720,000 to Adidas and more than US$2.44 million to all creditors. Adidas Singapore initiated the liquidation process after an earlier payment demand was not met.
Q.When did Sportslink's financial problems begin?
When did Sportslink's financial problems begin?
The company's financial difficulties have been ongoing for over two years, with previous agreements to settle debts through instalment payments ultimately failing to materialise. This long-standing issue contributed to the recent court decision.
Q.How many stores did Sportslink operate prior to its collapse?
How many stores did Sportslink operate prior to its collapse?
Sportslink once operated 24 retail outlets across Singapore. However, more recent information from the company's Facebook posts indicated that only nine stores were active before the court-ordered liquidation.