Update: see notnaiise.wordpress.com
2015
Naiise goes big with largest store opening at Central (todayonline.com) “Can someone give Naiise’s founder Dennis Tay and his team a trophy?”
2016
Who says Singapore designs don’t sell? (straitstimes.com)
Five Places to Shop in Singapore (nytimes.com)
2017
How Lombok is an island of respite for Naiise’s Amanda Eng and Dennis Tay (thepeakmagazine.com.sg)
Weekend Interview: Dennis Tay (businesstimes.com.sg)
2018
Naiise defaulting on payments since 2016 (tnp.sg)
Chasing The Entrepreneur Dream With Naiise’s Dennis Tay (sg.asiatatler.com)
2020
List of Employers Convicted under the Central Provident Fund Act (mom.gov.sg) – Naiise fined $8,000 for 8 charges of late payment of CPF contribution for employees (S/N 82)
Some local brands pull out of Naiise due to payment delays of up to a year (straitstimes.com)
Naiise, citing economic impact of Covid-19, pulls out early of running Design Orchard retail showcase (straitstimes.com)
Naiise to shutter Paya Lebar outlet on July 26 (businesstimes.com.sg)
Naiise’s chie marketing, buying officer steps down (businesstimes.com.sg)
2021
S’pore retailer Naiise closes last store at Jewel Changi, may wind up operations (straitstimes.com) – owes Parfums Artisanaux ~$10,000, Bamboo Straw Girl ~$5,000, Freshly Pressed Socks ~$3,800 – missing stocks, Nom Nom Plush ~$15,000
Homegrown retailer Naiise shuts down, founder Dennis Tay to file for personal bankruptcy (channelnewsasia.com)
Retailer Naiise to close last S’pore outlet at Jewel Changi Airport, some vendors owed up to S$10,000 (todayonline.com) owes Fen Perfumes $1,800
Naiise closing Jewel Changi outlet on Apr. 11, vendors reportedly owed up to S$10,000 (mothership.sg) – includes links to the debt collector videos
Stocks missing and payments defaulted; Naiise vendors prepare for loss (sg.style.yahoo.com)
S’porean Company Naiise Shuts Down And Vendors Are Angry That They Weren’t Paid For Years (says.com)
S’pore Retailer Naiise Has Ceased Operations – Founder To File For “Personal Bankruptcy” (vulcanpost.com)
Dennis Tay’s Facebook apology (facebook.com)
“years ago my friend was their accountant cos she loved their products and stuff but left after 2 weeks cos she said the accounts were awful and a whole pile of shit”
Rich People Bankruptcy: A Primer, by @lim_jialiang
- Move all personal assets to spouse
- Draw director fees, one-off payments, and pute huge discretionary spending on soon to be closed company
- If spouse was working for said company, have them leave company before shit hits the fan
- Maintain as much liquidity and keep a veneer of solvency
- Stop salary payments to staff, explain that it is “difficult times”
- Assure them that a rescue package is being put in place, all the while still paying yourself through method 2
- Move as slowly as you can – do not worry about the debt you are racking up as these can be re-negotiated and refinanced upon declaring bankruptcy
- Spouse should ideally be working (elsewhere) at this stage
- Declare Personal Bankruptcy and file for liquidation for debt-ridden company
Vendor complaints