Jobs depart as Sasa calls it quits in Singapore
170 staff in Singapore will be made redundant after cosmetic retailer Sasa announced it would be closing all its 22 retail stores in the city state.
The Hong Kong-based company, which opened its first Singapore store in 1997, added that the 170 staff will be “fully compensated” in accordance with local employment laws and regulations.
Sasa has close to 5,000 staff in Hong Kong, Macau, China, and Malaysia. However, it has decided to pull out from Singapore after suffering six consecutive years of losses in those Singapore stores. Over the six months to September 30, the company’s turnover for its Singapore operations was $17.4 million.
“The group’s performance in Singapore has been less than satisfactory for many years, and has recorded losses for six consecutive years,” Sasa said.
“The group had taken measures in recent years to restructure the local management team and to enhance store display and product mix with a view to driving sales. Regrettably, the results were far from satisfactory,” it added.
Sasa said it will concentrate its resources on the markets in Hong Kong, Macau, China, and Malaysia.
“After careful consideration, the group believes that the closure of its business in Singapore will help improve the performance and profitability of its remaining businesses, and is in the best interests of the group and the shareholders as a whole,” the company said.