Residence-grown sports activities retail chain Sportslink wound up final Friday, after accumulating money owed to a “substantial quantity” of collectors.
This consists of staff who’re owed a month’s wage, Farooq Mann, founder and director of Mann & Associates, the court-appointed liquidator, informed The Straits Occasions.
“I’ll convene a collectors’ assembly throughout the subsequent two weeks to inform them that the corporate has gone into liquidation, to speak in confidence to them the affairs of the corporate, and to ask them to file claims,” stated Mann on Monday.
On June 9, Adidas Singapore had filed an software with the Excessive Courtroom for the winding up of Sportslink. When contacted earlier than Friday’s choice, Adidas declined to remark.
The information of Sportslink’s liquidation comes barely two weeks after it introduced its reopening in a June 22 Fb publish, following the easing of circuit breaker measures on June 19.
The measures, which had been carried out to cease the unfold of the coronavirus, noticed retail shops throughout the nation shut from April 7.
Based in 1983 by the late Lim Kau Tee as Sports activities Interlink, a single retailer in Queensway Procuring Centre, the corporate was registered as a sole proprietorship 4 years later with the Accounting and Company Regulatory Authority (Acra) as Sportslink.
Sports activities Hyperlink Holdings (SLH) was later registered in 1994.
Sportslink, which offered sporting items and attire from worldwide manufacturers, was successful with heartlanders due to its affordable pricing. It prolonged its attain to suburban malls in 1995 and, by 2002, the chain had expanded its footprint to 11 shops. This grew to 35 by 2015, by which period the corporate additionally boasted 190 staff.
However, in a Fb publish asserting its Chinese language New 12 months working hours on Jan 22, solely 9 shops, together with a manufacturing facility outlet, had been listed.
In 2010, SLH additionally opened a number of specialty shops, resembling Hoops Manufacturing unit, which was the primary basketball specialty retailer in Singapore.
When ST visited Hoops Manufacturing unit and Intersports – two manufacturers beneath SLH’s banner – at Queensway Procuring Centre on Wednesday, each shops had been shuttered.
Shares of sports activities attire had been nonetheless stacked on cabinets, and posters of gross sales of as much as 50 per cent had been plastered on the partitions of the entrances.
Mann famous that each one mental property property of SLH resembling these are additionally “being checked out”.
Former patron Trevor Sim stated he used to go to Sportslink shops “fairly steadily” within the 2000s, however much less so within the final 10 years.
“It is unhappy to listen to of a neighborhood model going out of enterprise,” stated the manager, 42, who’s an avid runner.
“Sportslink was the go-to whenever you wanted high quality sports activities gear at low costs, and at quick discover, as a result of that they had so many retailers.
“I do not know what triggered them (to wind up) however maybe folks having so many extra choices now, particularly on-line, might have contributed.”