Robinsons owes creditors nearly $32m

SINGAPORE - More than 440 creditors are owed at least $31.7 million by department store stalwart Robinsons, which is closing down its last two stores here.

In a notice issued to creditors dated last Friday (Nov 13), provisional liquidator KordaMentha said that an online creditors' meeting will be called on Nov 26, at 2pm.

A committee of inspection of not more than five members will be appointed during the meeting, and creditors will receive a statement of the company's affairs, said the notice which was released publicly by the liquidator on Wednesday.

Among the 442 creditors listed, as at Oct 29 according to management records, are mattress companies such as Simmons, Sealy, Serta and Tempur.

Other retailers and businesses named as creditors include cosmetic brands Estee Lauder, Elizabeth Arden and Clarins.

Home-grown brands such as fashion label Klarra and Ette Tea are also listed.

Other named creditors include the Orchard Road Business Association, Singapore Press Holdings and Singtel.

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Robinsons said on Oct 30 that it had decided to liquidate its Heeren and Raffles City stores due to factors like changing consumer tastes and cost pressures such as rent.

Liquidator KordaMentha will take control of Robinsons' assets and assess the options to realise value to maximise returns to creditors.

Creditors have until 4pm on Nov 25 to submit their proof of debt and proxy form to the liquidators in order to be eligible to vote at the meeting.

Those who wish to attend the meeting should also e-mail the liquidators at [email protected]

This article was first published in The Straits Times. Permission required for reproduction.