Not so nice truths about Naiise and its founder Dennis Tay


On 11 April 2021, local retail chain Naiise which was already knee deep in debt with years of significant payments owed to various vendors finally went belly up and closed its remaining physical store at Jewel Changi Airport. Days later its founder, Mr Dennis Tay, announced he would be filing for personal bankruptcy.

“As a business owner, the blame for Naiise’s demise is mine alone,” he wrote. “I’m sorry to the employees I let go. To those who are owed money, I am sorry I failed you all, and for all the inconvenience and distress this has caused. Apologies also to our marketplace sellers for shuttering operations so abruptly.”

A remorseful and sincere businessman who fell on hard times, or a skilled writer whose actions don’t match his words?


We shall see.


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