Gordon Brothers, the global advisory, restructuring and investment firm, has been engaged by provisional liquidators KordaMentha to manage the store closure program of heritage department store retailer, Robinsons, in Singapore, with SGD$25 million of retail inventory.
KordaMentha were appointed as provisional liquidators of the remaining Robinsons’ department stores located at The Heeren and Raffles City Shopping Centre on October 29, by Robinsons’ parent company, who had been financially supporting the department stores for several years.
Robinsons, originally known as Spicer and Robinson, had been operating in Singapore for over 160 years. While not a direct result of the COVID-19 pandemic, the impact of the ongoing global health crisis and the shift in consumer shopping habits from offline to online accelerated the decision to close the two remaining Robinsons stores.
“Whilst we have previously supported clients in Indonesia and Malaysia, this project represents our first engagement in Singapore and marks a significant new partnership with KordaMentha, whom we look forward to working with again in the future,” said Richard Ansell, Retail Director for Gordon Brothers in Australia.
“The professionalism and experience of the Gordon Brothers’ retail team made them the obvious choice to partner with,” said Cameron Duncan, KordaMentha. “Their knowledge and expertise in the retail space compliments our local restructuring experience. We are confident that the combined experience across both teams will maximise returns”.
The project also includes the disposition of all furniture, fixtures and equipment from the department stores, and the procurement of augment inventory sourced from the surrounding region, which has already started with packages from Japan in transit by air freight.
For more information, please contact Richard Ansell at [email protected]
About Gordon Brothers
Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, operating executives, advisors and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four service areas: valuations, dispositions, operations and investments. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial and industrial sectors to put assets to their highest and best use. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston, with 25 offices across five continents.
Founded in 1858, Robinsons established itself to become a household name in Singapore, and as a mecca for elevated shopper experiences with their extraordinary product and service innovations. The first flagship – Robinsons The Heeren – opened in November 2013, redefined a new standard for retail experiences in Singapore. Designed as a one-stop lifestyle destination, Robinsons The Heeren offers a gamut of lifestyle options such as personalised beauty services in private suites, personal shopping expertise in VIP lounges, as well as the trendiest merchandise consisting of the latest fashion, gourmet dining (indoors and al fresco) and curated home collections. www.robinsons.com.sg.