Hardware chain Home-Fix will be closing its retail stores in Singapore. On its site, the company confirmed that it will be shutting down its brick-and-mortar stores islandwide, but will keep its dedicated eCommerce site active. The company said that since early December 2019, it has been under Interim Judicial Management and has been working with its creditors to restructure its operations. The Interim Judicial management is a method of debt restructuring where an independent judicial manager is appointed to manage the affairs, business and property of a company under financial distress.
According to The Business Times, the company’s retail presence in Singapore has been in the red which saw Home-Fix bridging out to online offerings and others. The BT article also said that Home-Fix was faced with commonly cited challenges by retailers. This includes high mall rentals, competition from eCommerce players, as well as small stores located in the neighbourhood area selling the same items at a lower rate. Home-Fix has presence in Malaysia and Cambodia as well, with nine and one store respectively in those markets. Marketing has reached out to Home-Fix for additional information.
This news comes shortly after cosmetics retailer Sasa International will soon be exiting the Singapore market to focus on Malaysia, Hong Kong as well as its eCommerce business. According to Sasa, the group’s performance in Singapore has been less than satisfactory for many years, and has recorded losses for six consecutive years. The group now aims to integrate its online and offline businesses for providing better customer experiences and laying a solid foundation for the development of new retail model in the future.