Crystal Jade closes another four outlets; termination notices issued to about 120 workers

Receivership generally involves an appointed receiver taking control of certain assets of a company, typically to protect or recover their value.

The restaurant premises will be handed back to landlords, Kroll said.

“All affected employees have been informed directly and will receive salary payments up to their final date of employment. Restaurant staff will continue to serve their applicable notice periods and will be compensated in accordance with their employment contracts,” Kroll added.

Employees requiring assistance regarding final pay or benefits may continue to contact the HR team.

Following the reorganisation, Crystal Jade’s Singapore holding company will have about 210 employees, Kroll said.

Kroll said its representatives intend to market the business for sale as a going concern, with the objective of preserving the group’s established brands, restaurant operations and the value built over more than 30 years.

The proposed sale is intended to support the continuity and future growth of the business and is not expected to result in further operational restructuring.

The nine remaining restaurants in Singapore will continue operating as usual.

Separately, Crystal Jade Food Manufacturing, the group’s central kitchen in Singapore, ceased operations on Monday.

The company operates outside the scope of the receivership. Its closure was decided by management as part of the group’s broader restructuring efforts, Kroll said.