One.99 chain to close after debts pile up

[Jason Ho]

Source from StraitsTimes Interactive

THE One.99 Shop, which won its owner several awards including Woman Entrepreneur of the Year 2000, has called it quits after a massive expansion programme left it deep in debt.

A hit with bargain hunters, the One.99 chain has been placed under receivership. -- THOMAS WHITE
The budget chain, which spawned many copycats since it started in 1997, was placed under receivership by DBS Bank on Monday for failing to repay $1.7 million in debts. It owes other creditors another $1.3 million.
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Sigh is this really caused by the bad economy?

Personally I have never bought anything from One.99 shop before. I wonder if the things there are really cheap. Any loyal customer of One.99 shop from CS?

 

[eug]

I dun think it is really bad economy that attributed but high rental cost. Basically, wrong strategy to over expand.

 

[Larry]

wah very sad. i'm not a big fan but my gf is. we know the owner (Nanz-Chong) personally and she's a really nice lady, very dynamic.

we got a shock when we found out the news. thought that One.99 was doing well, didn't know they were on the verge of closing.

 

[espn]

Sigh... I pretty like the shops and its sweets and food varieties. Sad to say economy has to force the remaining shops to close, the things are pretty cheap.

Sigh gotta source for sweets for my drawers elsewhere liao. Economy is bad... sigh.

 

[Bluestrike]

Sigh....
Well they do sell those 1.99 foldable chair...
Very useful siaz...

Sigh..
Sigh.....

 

[Goldmember]

the reason for closure is because of the high continual increment rental, taxes, gst, etc within her business period. hence, basic of busiess survival is: input $ > output. observe and learn from the way government handles business; to monopolize business. e.g. taxi, bus, insurance, supermarket, airline, petrol, pharmacy, banks, gst, erp, coe.......and so on.

 

[Jason Ho]

Originally posted by Bluestrike
Sigh....
Well they do sell those 1.99 foldable chair...
Very useful siaz...

Useful for shooting trips? Especially when you are tired of standing? :dent:

 

[Jason Ho]

Its really a surprise to quite a number of people I guess. Especially when that happened to a Woman Entrepreneur of the Year 2000 award winner.

 

[espn]

Well.. it was 2000 not 2003 but sad lor the stuffs are great, I got my wall clock from them too.