Hong Kong cosmetics retail chain Sasa to close all 22 outlets in S'pore, 170 staff affected

Sad day.

Nyi Nyi Thet | December 03, 2019, 12:14 AM

Sasa is closing all 22 stores in Singapore.

Image from Yelp/Juliah

Image from giftout.co

The announcement comes on the heels of what the company considers subpar performances in Singapore, with six straight years of losses.

The sudden closure comes more than a year after it closed all its stores in Taiwan.

That move led to 260 employees being terminated in March 2018.

According to Channel 8 News, the closure of all 22 stores in Singapore will affect about 170 employees.

Sasa was founded in 1978 by Kwok Siu-Ming and had enjoyed booming popularity until recent years.

In the first half of 2015, they saw profits fall 55 per cent, which according to CNBC was due to a fall in China's spending power.

According to a Bloomberg article, months of unrest in Hong Kong has also taken a toll on Sasa.

Shares slid 24 per cent in August, and short bets against the retail chain are at their absolute highest.

Image from Giftout


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