Kroll said in a news release on Wednesday that its representatives had been appointed receivers of Crystal Jade Culinary Concepts Holding Pte Ltd and Crystal Jade Culinary Concepts Holding (Great China) Limited, which are the holding firms for the group’s restaurant operations in Singapore and Hong Kong respectively, Channel News Asia reported.
A receivership typically gives an independent party control over some or all of a company’s assets, often when the company is unable to meet its financial obligations.
Kroll’s representatives are examining Crystal Jade’s financial and operational affairs and evaluating strategic options for its portfolio of brands, restaurants and businesses to stabilize the group and preserve its value, the advisory firm said, adding that it would engage stakeholders on potential restructuring as and when appropriate.
Kroll representatives confirmed that Crystal Jade is not exiting the food and beverage market, and the restaurant group also said its restaurants remain open, according to The Straits Times.
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A Crystal Jade restaurant in Singapore. Photo from Google Maps |
Established in Singapore in 1991, Crystal Jade expanded over the years with multiple dining concepts both in Singapore and overseas markets, including China, South Korea and Vietnam.
Its Singapore operations comprise six restaurant brands, ranging from Cantonese fine dining to casual noodle, dim sum and other Chinese cuisine concepts. Its Crystal Jade Golden Palace restaurant at The Paragon mall was awarded one Michelin star from 2016 to 2018.
The group has closed five outlets in Singapore this year as part of an ongoing review of its operations and outlet network, leaving 13 outlets in the city-state.
A subsidiary, Crystal Jade Fine Dining, was earlier this year charged over failing to file its complete income tax return on time without a reasonable excuse, which could result in a fine of up to S$5,000 (US$3,900) if found guilty.