100 Newstead staff laid off as homegrown IT retailer winds up business
SINGAPORE — One hundred employees of homegrown IT and electronics retailer Newstead Technologies have been laid off as the company winds up its business.
Some 100 employees of homegrown IT and electronics retailer Newstead Technologies have been laid off as the company winds up its business.
SINGAPORE — One hundred employees of homegrown IT and electronics retailer Newstead Technologies have been laid off as the company winds up its business.
TODAY had broken the news that the company, which operates under the Newstead, DigitalStyle and Nubox brands, was placed under provisional liquidation last Thursday, with Mr Tee Wey Lih of Acres Advisory appointed the company’s provisional liquidator.
In a press release on Tuesday (Oct 9), the firm said that the provisional liquidator and the Newstead management team had completed a re-organisation of the company. Sixty per cent of its 250 staff have been retained, the statement said. This works out to 100 employees being let go.
Newstead added that it was still “business as usual” at all 10 Nubox outlets and selected Newstead stores.
"The company will continue to honour all transactions and service commitments during this transition period," said the retailer.
Newstead said it is currently in talks with investors to find a workable solution for all parties involved, and a creditors’ meeting has been scheduled for Nov 2.
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