Lifebrandz: The lifestyle-related and entertainment company has shut doors to its entertainment outlets in Clarke Quay, comprising Hopdog, Mulligan's Irish Pub, Aquanova, Fenix Room and Playhouse.
Hit by the trend of lesser crowd spending and dragged further by the restriction on liquor licensing hours, Lifebrandz' management concluded that operation of the outlets are no longer commercially viable and not sustainable.
In addition, Lifebrandz disclosed that Manpower Ministry was investigating salary claims lodged by more than 70 staff, with some reportedly unpaid since 7 Feb.
In its recent 1HFY15 results, the group's net loss widened from $0.8m to $1.8m y/y, as revenue declined 28% to $9m, weighed by stiff competition in a weak industry climate.
At this point, the group looks almost certain to bleed in FY15, which will make it the fourth loss In the past five years.