SINGAPORE (THE BUSINESS TIMES) - Restaurant operator No Signboard has received letters of demand from the landlords of two of its fast-food outlets, for more than $176,000 in arrears of rental and other monies owing.
Its board is of the view that these claims will have a material adverse impact on the group's financial position and performance, said No Signboard in a bourse filing on Thursday night (Feb 3).
It added that the landlords have each threatened legal proceedings if the group fails to pay the sums.
Last week, the Catalist-listed firm had said it was unable to demonstrate that it could continue as a going concern, and requested a voluntary suspension of the trading of its shares.
One of the letters of demand, for the sum of $12,161.10, came from the lawyers of Frasers Property Centrepoint, which is the landlord of The Centrepoint Singapore. No Signboard said its wholly owned subsidiary Hawker QSR occupies a unit at the basement level of the Orchard Road shopping mall.
The other letter was for the sum of $163,965.56 from lawyers acting for Milano Central, the landlord of the premises including provisional unit #01-37 at 10 Paya Lebar Road, PLQ Mall, Paya Lebar Quarter. Hawker QSR also occupies this space.
The group's website lists two of its Mom's Touch Chicken & Burger fast-food restaurants with those addresses.
No Signboard on Thursday said it has retained Rajah & Tann Singapore as counsel to advise the group on these claims, among other things.
Shares of No Signboard last traded at $0.031 on Jan 17. It requested a trading halt on Jan 19.