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Tag: liquidation

  • New Zealand Retail Giants Acecco, Miniso and Yoyoso Plunge into Liquidation, Racking Up Over $6 Million Debt

    New Zealand Retail Giants Acecco, Miniso and Yoyoso Plunge into Liquidation, Racking Up Over $6 Million Debt

    A trio of Asian supermarkets and retail stores operating in New Zealand – Acecco, Miniso, and Yoyoso – have recently entered into liquidation. The operating company, ANCZ Limited, owes over $6 million (US$3.5 million).

    Details of the Liquidation

    On December 17, ANCZ Limited, previously known as Yoyoso NZ Limited, found itself in receivership and liquidation, according to an announcement in the New Zealand Gazette. Additionally, 23 companies related to ANCZ Limited were placed into liquidation by the main company’s receivers on December 22.

    The conglomerate of companies is headed by Auckland-based director Lin Liu, and includes entities managing the Acecco, Miniso, and Yoyoso outlets, primarily in Auckland.

    About the Companies

    Yoyoso deals in Korean-style fast fashion and home and lifestyle products. Acecco is known for Asian groceries and culinary items, while Miniso specializes in lifestyle products.

    Several official insolvency practitioners from McDonald Vague have been appointed as liquidators of the companies.

    Debt Breakdown

    According to a report from McDonald Vague, the companies’ total debt comprises $2.9 million owed to China Construction Bank, at least $2.1 million to unsecured creditors, and $940,000 to the Inland Revenue Department.

    It is estimated that the company also owes $217,000 to former employees in the form of wages, holiday pay, and redundancy pay. The report goes on to predict that unsecured creditors may receive nil returns on their investments.

    Store Status

    Of the retail establishments managed by ANCZ and its subsidiaries, only eight were still operational at the time of liquidation.

    Due to insufficient trading revenue, the liquidators have terminated the Accecco supermarket in Northcote, but the Mt Albert location continues to trade. The Yoyoso and Miniso stores remain open with the aim of depleting their stock levels.

    Most locations are expected to shut down by the end of this month.

    Questions & Answers

    What is the total debt of ANCZ Limited?
    ANCZ Limited owes more than $6 million (US$3.5 million) in total.

    What are the individual debts of the company?
    The debts break down to $2.9 million owed to China Construction Bank, at least $2.1 million to unsecured creditors, $940,000 to the Inland Revenue Department, and $217,000 to former employees.

    What will happen to the stores under ANCZ Limited?
    Due to the liquidation process, it is expected that most of the store locations will be closed by the end of the month.

  • End of Sweet Saga: Twelve Cupcakes in Singapore Declares Liquidation, Shuts Down 20 Stores Unexpectedly

    End of Sweet Saga: Twelve Cupcakes in Singapore Declares Liquidation, Shuts Down 20 Stores Unexpectedly

    Once a beloved destination for dessert lovers, Singapore’s bakery cafe chain, Twelve Cupcakes, has entered a temporary state of liquidation. This unfortunate circumstance has led to the immediate closure of all its 20 establishments and the termination of approximately 80 employees.

    The announcement, made on October 29, marks the end of a 14-year-long chapter in Singapore’s thriving food and beverage industry. The company expressed regret over the current predicament and offered a sincere apology. “We are deeply sorry for any inconvenience this may cause. We appreciate the unwavering support and partnership we have received over the years,” the brand conveyed in its statement.

    Twelve Cupcakes’ employees, many of whom are represented by the Food, Drinks, and Allied Workers Union (FDAWU), were taken by surprise by the abrupt closure. The company had been unionised since 2021, so the sudden shutdown without prior notice was met with shock and disappointment.

    The union criticized the company’s decision, describing it as “irresponsible and unacceptable.” Currently, it is extending support to the affected staff in dealing with wage and retrenchment claims.

    Twelve Cupcakes was founded in 2011 by popular celebrities Daniel Ong and Jaime Teo. The bakery cafe chain experienced a period of swift growth and was acquired in 2016 by the Dhunseri Group, an Indian conglomerate. The acquisition, which was worth S$2.5 million (US$1.9 million), was a strategic move aimed at expanding the brand’s presence across Asia.

    Questions & Answers

    **What led to the closure of Twelve Cupcakes?**
    Twelve Cupcakes has entered a temporary state of liquidation, which forced the company to close all its 20 locations and terminate about 80 employees.

    **How did the staff react to the sudden closure?**
    The staff, most of whom are represented by the Food, Drinks, and Allied Workers Union (FDAWU), were shocked and disappointed by the abrupt closure, as there was no prior warning.

    **What does the Dhunseri Group’s acquisition of Twelve Cupcakes signify?**
    The Dhunseri Group, an Indian conglomerate, acquired Twelve Cupcakes in 2016 for S$2.5 million (US$1.9 million). This was a strategic move aimed at expanding the bakery cafe chain’s presence across Asia.

  • HMV liquidation sale starts Thursday

    HMV liquidation sale starts Thursday

    A giant HMV liquidation sale kicks off on Thursday in Wan Chai as the failed retailer’s liquidator tries to recover some cash to return to creditors.

    Wong Sun-keung of Vision AS, who is overseeing HMV’s liquidation, had originally planned to sell several containers-full of stock recovered from shuttered stores by way of a tender. However he says the prices submitted by 10 bidders were so low, it was decided to proceed with an HMV liquidation sale instead, despite the high overheads of leasing space and hiring staff.

    Vision AS says 50,000 DVDs will go on sale along with 20,000 music CDs, 24,000 Blu-ray discs and 9000 vinyl records. The remainder of the stock includes headphones, iPhone and tablets and other electronic goods.

    The HMV liquidation sale will run from August 15 to August 29 at W Square in Wan Chai. Doors will open between 11am and 9pm.

    Former employees of the company and creditors will have access to a restricted presale on Wednesday night.

    It is expected that only cash will be accepted as payment.

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