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SINGAPORE: Crystal Jade has closed another four outlets in Singapore, leaving nine restaurants in operation, with no further closures expected.<\/p>\n
The four outlets that ceased operations on Tuesday (Oct 6) comprised three Crystal Jade La Mian Xiao Long Bao outlets at Bugis Junction, Toa Payoh, and i12 Katong, and a Crystal Jade GO at Punggol Oasis Terrace.\u00a0<\/span><\/p>\n Termination notices were also issued to about 120 workers across the affected outlets and some corporate functions.<\/span><\/p>\n The closures are part of a reorganisation of Crystal Jade’s Singapore business ahead of a proposed sale, said financial and risk advisory firm <\/span>Kroll in a media release on Wednesday.<\/p>\n Kroll representatives were <\/span>appointed receivers of the holding companies<\/span> for Crystal Jade’s Singapore and Hong Kong operations on Sep 29.<\/span><\/p>\n Receivership generally involves an appointed receiver taking control of certain assets of a company, typically to protect or recover their value.<\/span><\/p>\n The restaurant premises will be handed back to landlords, Kroll said.<\/span><\/p>\n “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.<\/span><\/p>\n Employees requiring assistance regarding final pay or benefits may continue to contact the HR team.<\/span><\/p>\n Following the reorganisation, Crystal Jade’s Singapore holding company will have about 210 employees, Kroll said.<\/span><\/p>\n Kroll said its representatives intend to market the business for sale as a going concern, with the objective of preserving the group\u2019s established brands, restaurant operations and the value built over more than 30 years.<\/p>\n 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.<\/p>\n The nine remaining restaurants in Singapore will continue operating as usual.<\/p>\n Separately, Crystal Jade Food Manufacturing, the group’s central kitchen in Singapore, ceased operations on Monday.<\/span><\/p>\n