Flash Coffee shutters Singapore operations
The coffee chain plans to focus on Hong Kong.
Flash Coffee is closing its remaining 11 outlets in Singapore after giving notice that the company will be unable to continue its business citing ‘reasons of liabilities’.
Established in 2020, Flash Coffee is a tech-enabled coffee chain targeting tech-savvy young professionals in need of their daily coffee fix.
Reports said that Flash Coffee owes over $10.2m to more than 150 creditors. Videos also began circulating in the media showing one of the company’s branches closed down with a sign saying that the move was because of staff going on strike due to late salary payouts.
Meanwhile, a company spokesman denied that staff in Singapore were on strike.
The company said it plans to focus on its presence in Hong Kong and that its recent operational changes will not affect its presence in the city.
Flash Coffee reportedly owes over S$14m ($10.2m) to more than 150 creditors, according to Singapore-based Business Times. The coffee chain has not paid staff in Singapore their most recent monthly wages, the newspaper added.
The technology-focused coffee chain temporarily or permanently closed multiple outlets across the city-state over the last few months, before filing a notice with local regulators on 11 October 2023 stating it was unable to continue operating because of its liabilities.