Debt-laden Newstead calls in liquidators amid debts of more than $60 million

Newstead was established in 1998 with its first shops at Sim Lim Square and the old Funan DigitalLife Mall. Its last major move involved setting up at Marina Square Mall in mid-2016 following the closure of the old Funan complex. It will cease all re
Newstead was established in 1998 with its first shops at Sim Lim Square and the old Funan DigitalLife Mall. Its last major move involved setting up at Marina Square Mall in mid-2016 following the closure of the old Funan complex. It will cease all retail operations by the end of the month.PHOTO: CMG

Electronics retailer owes creditors, including its staff, more than $60m

Homegrown electronics retailer Newstead Technologies is winding up its business amid accumulated debts of more than $60 million, The Straits Times has learnt.

Its debt mountain includes about $4.7 million owed to Apple South Asia, while Newstead employees have around $1.6 million outstanding owed to them, according to a preliminary list of 170 creditors seen by The Straits Times.

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A version of this article appeared in the print edition of The Straits Times on February 16, 2019, with the headline 'Debt-laden Newstead calls in liquidators'. Print Edition | Subscribe