Superfood Kitchen to liquidate with closure of last outlet in Raffles City
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Superfood Kitchen faces mounting losses and was not able to agree on rental rates with the landlord.
PHOTO: SUPERFOOD KITCHEN/FACEBOOK
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SINGAPORE – Local eatery Superfood Kitchen will enter voluntary liquidation with operations at its last outlet, in Raffles City, ceasing on Aug 31.
Superfood Kitchen faces mounting losses and was not able to agree on rental rates with the landlord, said its Singapore-listed parent, Autagco, in an Aug 31 bourse filing.
The eatery is the latest in a series of retail operators to shut down in the face of tough business conditions.
“Since its launch in 2022, Superfood Kitchen has been incurring accumulated losses amid rising operating costs and challenging business environment, with limited turnaround prospects,” said Autagco.
Superfood Kitchen had engaged its Raffles City landlord on renewal terms, but could not agree on rental rates, among other matters.
Both parties agreed to terminate the lease, with the premises to be handed to the landlord by Sept 11. Autagco expects to incur a one-off $15,000 cost for the handover.
In the Aug 31 filing, Autagco noted that it tried to explore alternatives to liquidation. For instance, it entered negotiations with a potential buyer for the Superfood Kitchen master franchise, but did not reach a binding arrangement.
With the liquidation, Autagco plans to focus on its assisted living business and explore other viable business opportunities, as part of an ongoing strategic review.
The company has appointed Mr Keith Ng of Reliance 3P Advisory as the liquidator for Superfood Kitchen.
Autagco shares ended Aug 29 at S$0.001, down by S$0.001 or 50 per cent. THE BUSINESS TIMES
