[ET Net News Agency, 2 December 2019] Sa Sa International Holdings Limited (00178) said
it has decided to close all retail stores in Singapore to concentrate its resources on the
markets in the Hong Kong and Macau SARs, mainland China and Malaysia, as well as its
e-commerce business.
The local management team in Singapore will commence negotiations with the respective
landlords of the Singapore stores promptly with a view to closing the stores as early as
possible but the exact timing for the closing of each individual store is subject to
negotiations with individual landlords.
The group's performance in Singapore has been less than satisfactory for many years, and
has recorded losses for six consecutive years. For the six months ended 30 September 2019,
the group's turnover for the Singapore operations was HK$99.4 million, a decline of 4.6%
on a year-on-year basis in local currency terms, and accounted for 2.8% of the group's
consolidated turnover. In order to improve the performance of the Singapore market, 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. The results were far
from satisfactory. (RC)