Newstead sells Nubox stores to Apple reseller Elush

After being placed under provisional liquidation in October following the sudden closure of several of its stores, Newstead Technologies has reached an agreement to sell its 10 Nubox stores.
After being placed under provisional liquidation in October following the sudden closure of several of its stores, Newstead Technologies has reached an agreement to sell its 10 Nubox stores.PHOTO: ST FILE

SINGAPORE - Home-grown electronics retailer Newstead Technologies, which was placed under provisional liquidation in October following the sudden closure of several of its stores, said on Friday (Nov 30) it has reached an agreement to sell its 10 Nubox stores.

Elush (T3), another Apple reseller which operates the iStudio and Epicentre stores, is buying the stores for an undisclosed sum, according to a statement issued by Newstead's liquidators.

The transition is expected to be completed by Jan 31, 2019, the statement added.

"In the interim, Newstead wishes to reassure customers and partners that it is still business as usual for all 10 NuBox outlets, and that the company will continue to honour all transactions and service commitments during this transition period," the statement said.

Newstead, which was established in 1998, operated more than a dozen stores, including Apple reseller Nubox and electronics concept store Digital Style. It was also touted as the largest IT anchor for the upcoming Funan mall.

In early October, Newstead began voluntary winding-up proceedings. About a week later, it said it had completed a reorganisation of the company that saw 40 per cent of its 250 staff let go. It also said it was business as usual at all 10 Nubox outlets as well as selected Newstead stores.

A spokesman for liquidator Acres Advisory said on Friday that two Newstead stores at Nex mall and Jurong Point are still in operation.

 

"The winding down process is still ongoing and we estimate that the earliest we can conclude is 2020," she said.