Crystal Jade restaurants in S'pore remain open as holding companies placed under receivership

Crystal Jade's holding companies in Singapore and Hong Kong have been placed under receivership.

A receivership means that an appointed receiver will manage a company's assets and operations, usually to ensure stability and recover its value.

Financial and risk advisory firm Kroll announced in a news release on Sep. 30 that its representatives have been appointed as receivers over Crystal Jade Culinary Concepts Holding Pte Ltd and Crystal Jade Culinary Concepts Holding (Great China) Limited.

Restaurants operating as per normal

However, the restaurants will continue operating, with "key members" of the management team continuing to oversee restaurant operations, Kroll said.

This comes after the group closed down five outlets in Singapore this year, including the Crystal Jade Hong Kong Kitchen outlets at The Clementi Mall and Jurong Point recently.

Crystal Jade said in a media statement then that the closures were part of its ongoing review of its operations and outlet network.

There are 13 restaurants remaining in Singapore.

Review of business

Kroll said that its representatives are undertaking a review of the group's financial and operational affairs.

This includes assessing strategic options available for its portfolio of brands, restaurants and businesses with a view to stabilise the business and preserve value.

“Stakeholders will be engaged regarding potential restructuring as and when appropriate,” Kroll stated.

Kroll said its representatives believe that "maintaining operational continuity and preserving the value of the business" are in the best interests of all stakeholders.

Further updates will be provided when appropriate, the firm added.