FALLING sales and high costs have sent furniture retailer Barang
Barang to the wall and forced it to shut its shops here and in
Malaysia.
The chain's approximately 50 employees will likely be laid off
although some will be retained temporarily to handle the remaining
furniture.
The shock announcement came in a statement to the Singapore
Exchange from listed door-maker KLW Holdings, which owns a 71 per
cent stake in Barang Barang.
It said weak consumer demand coupled with high rental and
marketing costs had brought the chain to its knees.
KLW has placed the furniture chain under liquidation to repay
creditors, including landlords, suppliers and customers owed
refunds.
Its six local stores - at Central Mall, Plaza Singapura,
Singapore Post Centre, Marina Square, the International Furniture
Centre and [email protected] - and two in Malaysia have been closed
since Wednesday.
--ST