Singapore's homegrown restaurant brand Crystal Jade shuts another 4 outlets, 9 so far this year
Singapore's homegrown Chinese restaurant group Crystal Jade has shuttered four more outlets in the city-state amid a restructuring before a proposed sale, bringing its total closures this year to nine.
Crystal Jade, a Singapore-based restaurant chain, announced the closure of four additional outlets, bringing the total to nine this year. The affected locations include a Crystal Jade GO outlet in Punggol Oasis Terrace, as well as restaurants in Bugis Junction, Toa Payoh, and i12 Katong. The closures follow the recent placement of the group's holding companies for Singapore and Hong Kong under receivership, which involves an appointed receiver managing the company's assets.
Advisory firm Kroll, acting as the receiver, plans to market the business for sale as a going concern and does not anticipate more outlet closures in Singapore. The reorganization aims to preserve the group's established brands, restaurant operations, and the value built over three decades, while ensuring business continuity and future growth.
Crystal Jade now operates nine outlets in Singapore, employing about 210 people. The group's central kitchen, Crystal Jade Food Manufacturing, ceased operations on Monday. Founded in 1991, Crystal Jade offers a variety of dining concepts across six brands in Singapore, with one restaurant holding a Michelin star. The remaining open outlets include Crystal Jade Hong Kong Kitchen locations and four other Crystal Jade brands.
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