Lifebrandz shutters five Clarke Quay stores on back of inability to pay staff

It’s being probed by the MOM.

Mainboard-listed Lifebrandz has confirmed that it is closing down five F&B venues in Clarke Quay after the venues have been unable to pay salaries due to its employees for the month of February 2015.

The venues, namely Aquanova, Fenix Room, Mulligan’s Irish Pub (Clarke Quay branch), Playhouse and Hopdog, are owned by Lifebrandz subsidiaries Cannery Leisure, Brandz+, Tribeca Leisure and Lux Leisure.

The management of these subsidiaries has met with the Ministry of Manpower to address the complaints lodged by their employees, but Lifebrandz claims that there is no official outcome yet from the meeting with MOM.

“The decision to cease the operations have been arrived at after reviewing the financial position of the abovementioned subsidiaries, as well as their business prospects and environment. Having considered the intense competition that the subsidiaries have been facing (and continues to face), the trend of diminishing crowd spending and the impact of the restriction on liquor licensing hours, the Board has determined that the operations of the Affected Venues is presently not sustainable or commercially viable, and that the named subsidiaries cannot continue as a going concern,” Lifebrandz noted in a release to the SGX.