A financial and risk advisory firm has been appointed to review the group's financial and operational affairs.
\n\nCrystal Jade's holding companies in Singapore and Hong Kong have been placed under receivership.
\n\nA receivership means that an appointed receiver will manage a company's assets and operations, usually to ensure stability and recover its value.
\n\nFinancial and risk advisory firm Kroll announced in a news release on Sep. 30 that its representatives have been appointed as receivers over Crystal Jade Culinary Concepts Holding Pte Ltd and Crystal Jade Culinary Concepts Holding (Great China) Limited.
\n\nHowever, the restaurants will continue operating, with "key members" of the management team continuing to oversee restaurant operations, Kroll said.
\n\nThis comes after the group closed down five outlets in Singapore this year, including the Crystal Jade Hong Kong Kitchen outlets at The Clementi Mall and Jurong Point recently.
\n\nCrystal Jade said in a media statement then that the closures were part of its ongoing review of its operations and outlet network.
\n\nThere are 13 restaurants remaining in Singapore.
\n\nKroll said that its representatives are undertaking a review of the group's financial and operational affairs.
\n\nThis includes assessing strategic options available for its portfolio of brands, restaurants and…
Original source: https://mothership.sg/
Leave a Reply