Emporium Shokuhin at Marina Square closes down

It owes its landlord close to S$1 million.

Belmont Lay | September 25, 2018, 05:41 PM

Emporium Shokuhin at the Marina Square Shopping Mall has closed down.

However, it it unclear if it is closed temporarily or for good.

Saddled with unpaid debt

According to The Straits Times (paywall article), the Japanese mega emporium has incurred debts of more than S$1 million.

Court documents seen by ST said the business has been losing money since it opened in 2015.

Its main creditor is the shopping centre's landlord Marina Centre Holdings.

The landlord is owed rent and electricity charges of about S$930,000.

Looking for money

Epicurean Concepts Marina Square is the company at the core of the emporium, which consists of a live seafood market, a beef dry-ageing facility, a Japanese gourmet grocer and restaurants.

It filed for judicial management in the third week of September 2018.

Its application for judicial management is to protect it from its creditors in the meantime as it looks for another financial lifeline -- in this case, a new investor who would pump money in.

The different business aspects were handled by five subsidiaries under holding company Epicurean Concepts Holdings.

Repossessed

The landlord has taken possession of the 34,000ft² premises over the weekend.

A sign reads: "Emporium Shokuhin is closed".

The emporium reportedly pays S$210,000 a month in rent.

Death knell sounded

Emporium Shokuhin's business was affected with the opening of the first shop by Japanese discount chain Don Don Donki at Orchard Central in December 2017.

Earnings dropped sharply as a result.

The recent Formula 1 Grand Prix road closures also caused business to decline and add to the company's financial woes.

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