Singapore hardware chain Home-Fix is closing its last physical stores this week as it restructures under interim judicial management.
The home-grown chain was founded in 1993 and once had 20 stores across the city-state, but by the end of this weekend will have only an e-commerce site left, a victim of changing retail environment and price-focused rivals on and offline.
Home-Fix has debts of almost S$20 million (US$14.8 million), however, local media report that the managers are endeavoring to refinance debts.
The Straits Times newspaper observed that Home-Fix has had to deal with “high mall rentals, competition from e-commerce and neighborhood stores that sell the same wares at lower prices and a sluggish economy”.
The retailer’s last two stores are at Tanglin Mall and Tampines One. Stores in Novena Square and Compass One have repossessed earlier this year and stores at Great World City and Thomson Plaza – once its two best-performers – were forced to close when renovations decimated foot traffic.
Home-Fix creditors told Business Times that the owners, brothers Low Cheong Kee and Low Cheong Yew, plan to revive the company by focusing on services such as training courses and home repairs instead of retailing.