Some 100 employees of homegrown IT and electronics retailer Newstead Technologies have been laid off as the company winds up its business.
SINGAPORE — One hundred employees of homegrown IT and electronics retailer Newstead Technologies have been laid off as the company winds up its business.
TODAY had broken the news that the company, which operates under the Newstead, DigitalStyle and Nubox brands, was placed under provisional liquidation last Thursday, with Mr Tee Wey Lih of Acres Advisory appointed the company’s provisional liquidator.
In a press release on Tuesday (Oct 9), the firm said that the provisional liquidator and the Newstead management team had completed a re-organisation of the company. Sixty per cent of its 250 staff have been retained, the statement said. This works out to 100 employees being let go.
Newstead added that it was still “business as usual” at all 10 Nubox outlets and selected Newstead stores.
More at https://www.todayonline.com/singapore/100-newstead-staff-laid-homegrown-it-retailer-winds-business
Just to add, I believe only 5 main IT retailers remain-Challenger, Harvey Norman, Courts, Gain City and Best Denki. Next one to go six feet under would probably be Challenger; their product range is shrinking by the day and their in-house brand Valore plain SUCKS.
Hardly surprising to learn about this. In fact it will be surprising if they did in fact managed to survive. Competition is already tough as it is........now with the proliferation of online shopping, laptop manufacturers themselves are selling directly to consumers needing to go through a third party, thus saving costs. In fact, I do feel that these IT gadget folks have expanded too much as far as brick and mortar spaces are concerned despite facing declining sales. Those Apple re-seller stores are clearly in trouble as well since most people merely step in to browse instead of actually making purchases these days. Not forgetting there are too many of these physical stores around.
I thought M)phosis has been revived earlier this year?
https://vulcanpost.com/640764/mphosis-reopen-singapore-june-6/
Anyways waiting for firesale@ Newstead hee.
RIP Newstead, can add it to the obscenely large list of deceased companies.
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Good riddance to a company selling overpriced shit and shoving asshole salesmen in your face.