Tollyjoy closure not driven by financial considerations, says CEO
Sign up now: Get ST's newsletters delivered to your inbox
Tollyjoy did not state what specific factors prompted its closure.
PHOTO: TOLLYJOY/FACEBOOK
- Tollyjoy decided to close after 55 years after careful consideration of its future direction, and not because of financial issues.
- Its CEO, Tan Wee Keng, emphasised the decision was responsible and not taken lightly, with no specific closure timeline shared.
- The company will focus on an orderly shutdown, ensuring employee welfare and managing remaining inventory during the wind-down process.
AI generated
SINGAPORE – Home-grown brand Tollyjoy said its decision to wind down operations was not prompted by financial considerations, but did not reveal the specific reasons behind its closure.
Tollyjoy, which specialises in baby- and mother-care products, announced in a social media post on Sept 15 that it was “winding down its brand” after 55 years.
In a media statement released on Sept 21, Tollyjoy’s chief executive Tan Wee Keng said the company made the decision after careful deliberation on its future direction.
“We recognise the responsibility that comes with making a decision of this nature. It was not entered into lightly, nor was it driven by financial considerations,” he said.
“After careful consideration of the future of the business and how we wish to focus our time and resources going forward, we felt that the time was right to conclude our operations,” he added.
The company did not state what specific factors prompted the closure. It also did not provide an official timeline for the shutdown or detail what lies ahead for its employees.
When The Straits Times asked for further details, Tollyjoy referred the publication back to its media statement.
Tan noted that as the business winds down, Tollyjoy’s immediate focus will be on managing an orderly closure, including ensuring the welfare of its team and managing remaining inventory.
Founded in 1971, Tollyjoy manufactures and markets products under the Tollyjoy and Little Precious brands. Its products include milk bottles, baby-related cleaning products and gifts.