All of a sudden! Chain coffee brands close all stores in Singapore

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Nowadays, for the depressed coffee market, in addition to the tide of large-scale closure at home, there are also large-scale coffee shop chains abroad that can not escape the fate of closure.

Recently, many information about the Flash coffee chain, once known by the domestic media as a "copycat version" of Ruixing, is "retreating" from 11 stores in Singapore, as well as information about whether employees are in dispute over unpaid wages.

Flash Coffee is a Singapore chain coffee brand that uses digital operators to provide buyers with a buy-and-go experience. It is understood that not long ago, the Singapore chain brand Flash coffee announced the completion of its $50 million financing; this round of financing is led by White Star Capital, with the participation of investors such as Delivery Hero and Geschwister Oetker.

Flash Coffee said in a statement that the money will be used to accelerate the improvement of the company's overall profitability and promote the company's continued expansion in the Asia-Pacific region.

Then again, a notice about employees striking because of unpaid wages appeared on social platforms, something like: we're on strike. In view of the repeated delays in payroll, the store will be closed indefinitely. Baristas in Flash coffee all over the island (Singapore) deserve a comfortable working environment. Thank you for your good memories and look forward to seeing you next time. "

Flash coffee officials responded to the controversy in the report by abruptly closing all stores in Singapore "in order to focus on other potential markets".

According to the union, the company's employees were owed wages, central provident fund payments and unused holidays were cashed. Meanwhile, in response to media enquiries on October 13, the union president said he was told at a meeting yesterday that the company had been provisionally liquidated and their services would be terminated from now on. According to media reports, Flash coffee will abandon the Singapore business, but promised to continue to retain the Hong Kong market.

Although Flash Coffee was determined to replicate Ruixing in the early days, it was essentially different from Luckin Coffee in that it did not further develop valuable projects to differentiate itself from competitors in a crowded market, except through subsidies on the takeout platform.

In addition, according to the website of the Bureau of Accounting and Enterprise Control, the status of Flash Coffee is classified as "voluntary liquidation of creditors".

And this year, Flash coffee showed that all of its 92 stores in Indonesia were profitable. In the face of the financing announcement less than half a year, the company will spread the winding-up news, it is inevitable to guess whether the company faced financial problems, made the decision to close the branch.

If Flash coffee chooses to emulate Ruixing's operation model, it is undeniably tantamount to burning money, when the financing situation is not smooth, the money-burning model is indeed difficult to continue.

Photo Source: Internet

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