The group closed its Crystal Jade GO outlet at Punggol Oasis Terrace and three Crystal Jade La Mian Xiao Long Bao restaurants at Bugis Junction, Toa Payoh and i12 Katong on Tuesday, as reported by The Straits Times.
Some 120 employees across the affected outlets and a number of corporate functions were issued termination notices. They will be paid up until their final day of employment and restaurant staff will continue to serve their applicable notice periods and receive compensation in accordance with their employment contracts.
The latest closures follow the shutdown of five other Singapore outlets earlier this year.
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A Crystal Jade La Mian Xiao Long Bao outlet in Singapore. Photo from Google Maps |
The group’s holding companies for its Singapore and Hong Kong operations were also recently placed under receivership, which typically involves an appointed receiver taking control of some or all of a company’s assets to protect or recover their value.
Advisory firm Kroll said in a Wednesday media release cited by Channel News Asia that its representatives, who were appointed as receivers, plan to market the business for sale as a going concern.
The latest closures form part of a reorganization of Crystal Jade’s Singapore business ahead of the proposed sale, Kroll said, adding that it does not expect more outlet closures in the city-state.
The proposed sale aims to preserve the group’s established brands, restaurant operations and the value built over more than three decades, while supporting business continuity and future growth, it noted.
Crystal Jade now has nine outlets in Singapore and employs about 210 people following the reorganization.
The group’s Singapore central kitchen, Crystal Jade Food Manufacturing, also ceased operations on Monday. This company is not covered by the receivership, and its closure was a decision made by its management as part of Crystal Jade’s broader restructuring efforts.
Established in Singapore in 1991, Crystal Jade has multiple dining concepts both at home and in overseas markets, including China, South Korea and Vietnam.
In Singapore, the group operates six brands spanning Cantonese fine dining, casual noodle and dim sum outlets, as well as other Chinese cuisine concepts.
Its Crystal Jade Golden Palace restaurant at The Paragon mall was awarded one Michelin star from 2016 to 2018 and is among the nine remaining outlets.
The other restaurants still open comprise four Crystal Jade Hong Kong Kitchen locations and one of each of Crystal Jade Palace, Crystal Jade Pavilion, Crystal Jade La Mian Xiao Long Bao and Crystal Jade GO.