Crystal Jade shutters 4 more outlets, lays off 120 staff ahead of proposed sale

Crystal Jade, a Singaporean restaurant chain, has announced plans to close four more outlets and lay off 120 employees ahead of a potential sale. The closures, announced on October 7 by the company's receivers, Kroll, are part of a restructuring effort aimed at positioning the business for a proposed sale and ensuring its long-term future.

The four outlets affected are three Crystal Jade La Mian Xiao Long Bao locations in Bugis Junction, Toa Payoh, and Katong i12, and one Crystal Jade GO outlet in Punggol Oasis Terrace. This move follows Kroll's appointment as receivers over the group's Singapore and Hong Kong operations on September 29. With the latest round of layoffs, Crystal Jade now has approximately 210 employees remaining, down from 330, and nine operational outlets.

All affected workers were informed directly and will receive their final salaries, with restaurant staff continuing to serve their notice periods as per their contracts. Support from unions The Food, Drinks and Allied Workers Union (FDAWU) and the National Trades Union Congress (NTUC) have joined forces to assist affected workers.

FDAWU General Secretary Sankaradass S/O S. Chami emphasized the importance of fair treatment, keeping workers informed, and providing necessary support during this challenging period. The union has connected workers with over 400 job opportunities across various sectors and facilitated on-site interviews with employer partners, including other food and beverage companies.

Crystal Jade's central kitchen, Crystal Jade Food Manufacturing Pte Ltd, also ceased operations on October 5, as it fell outside the scope of the receivership. Kroll stated that the decision was made by the company's management as part of the broader restructuring efforts. Kroll does not expect further outlet closures in Singapore and intends to market the business as a going concern, capable of meeting all financial obligations.

The nine remaining outlets in Singapore include locations in Takashimaya Shopping Centre, The Paragon, VivoCity, Causeway Point, The Paragon, One Holland Village, Tampines 1, Changi Airport Terminal 1, and Changi Airport Terminal 4.