Liquidators appointed to wind up Cotton On, creditors notified to make claims by 20 April
Cotton On, a mainstay of Singapore’s retail scene for close to 20 years, is set to close all of its 30 stores in Singapore.
This will happen as it has entered voluntary liquidation, according to a notice in the Government Gazette dated Monday (30 March).
Source: Google Maps
Cotton On liquidators appointed at EGM
The closure was decided during an extraordinary general meeting convened via video teleconferencing last Wednesday (25 March).
Termed as a members’ voluntary liquidation, it will be carried out by appointed liquidators PwC Singapore, located in Marina One East Tower.
Checks on the Accounting and Corporate Regulatory Authority’s Bizfile website showed the status of a holding company named Cotton On Asia was “in liquidation”.
Source: Bizfile
However, another company known as Cotton On Singapore, which sells clothing, was still “live”.
Source: Bizfile
Creditors notified to submit claims by 20 April
In another Government Gazette notice, creditors of Cotton On Asia were notified to submit details of debts or claims by 20 April.
They or their lawyers would then be asked to prove their said debts or claims.
Failing which, they will be excluded from the benefit of any distribution made before the debts are proven.
Cotton On opened in S’pore in 2007
Cotton On has been in Singapore since 2007, when it opened its first store in Singapore at Wisma Atria.
It later launched its Singapore country hub in 2014, with more than 90 staff operating from there.
Its website currently lists about 30 stores in Singapore across five brands — Cotton On, Cotton On Body, Cotton On Kids, Typo and Rubi.
Source: Google Maps
After it entered the Asian market by opening the Singapore store, the company proceeded to expand into Hong Kong, Malaysia, the Philippines, Thailand and Indonesia over the next few years, establishing 243 more stores, four Distribution Centres and hiring almost 3,000 employees.
Cotton On Asia is under Australian retailer Cotton On Group, which was founded in 1991 by Mr Nigel Austin.
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Featured image adapted from Google Maps.
