U.S. coffee chain Spinelli Coffee is closing all of its remaining outlets in Singapore, according to a report by The Business Times (BT).
According to Spinelli's website, there are six outlets in Singapore, including ones at the National University of Singapore (NUS) and Raffles Quay.
The report said that the Spinelli outlets in NUS notified its customers via signs at its counters that the last day of operations is Dec. 15.
Spinelli also has a sister brand Brewing Kakis at Changi Business Park.
In filings seen by BT, Spinelli Pte Ltd incurred losses from financial years 2018 to 2022, though the losses began to narrow in the 2020 financial year.
Spinelli Pte Ltd had total assets of S$823,444 and total liabilities of S$15.5 million for the year ending Dec. 31, 2022.
They had a negative cash flow of S$228,029 from operating activities.
In S'pore since 1996
The coffee chain from San Francisco first opened its doors in Singapore 27 years ago, in 1996.
It was brought into Singapore by YTC Corp under a master franchise agreement.
YTC owns hotels and properties in Singapore and Indonesia.
The BT report mentioned that a 2008 count had put the number of Spinelli Coffee outlets in Singapore at 28.
Top image from Spinelli's website