Banquet delays payment to 200 foodstall operators
Singapore's largest halal foodcourt operator Banquet has run into cashflow problems and is delaying payment to foodstall operators.
Its managing director Alan Lee admitted to The Straits Times that the company owes some 200 stallholders about $1 million, and had been making losses in the last two years.
Originally running 46 outlets including foodcourts and cafes, it closed all loss-making branches this year and has 14 eateries left.
According to Mr Lee, 61, the bottomline has been hit by an increase in rentals plus escalating wages and food costs.