Barang Barang Closes

[therat 18]

http://www.straitstimes.com/BreakingNews/S...ory_489534.html

It said weak consumer demand coupled with high rental and marketing costs had brought the chain to its knees. -- ST PHOTO: TERENCE TAN

FALLING sales and high costs have sent furniture retailer Barang Barang to the wall and forced it to shut its shops here and in Malaysia.

The chain's approximately 50 employees will likely be laid off although some will be retained temporarily to handle the remaining furniture.

The shock announcement came in a statement to the Singapore Exchange from listed door-maker KLW Holdings, which owns a 71 per cent stake in Barang Barang.

It said weak consumer demand coupled with high rental and marketing costs had brought the chain to its knees.

KLW has placed the furniture chain under liquidation to repay creditors,including landlords, suppliers and customers owed refunds.

Its six local stores - at Central Mall, Plaza Singapura, Singapore Post Centre, Marina Square, the International Furniture Centre and Autohub@Senoko - and two in Malaysia have been closed since Wednesday.

Read the full report in Friday's edition of The Straits Times.

[mmss 0]

Does anybody have any outstanding orders with them and has contacted them? Are they fulfilling their orders? I have one for delivery in March and unable to reach anyone on Barang Barang side yet. If anyone knows how to contact them pls let me know. Thanks!

[intewig 0]

That's us. Got lured by the clearance sale and bought a sofa and coffee table set at close to 70% off days before they closed. Looks like we're not the only ones.

I found out some information on the voluntary liquidation procedure here:

http://www.entersingaporebusiness.info/Bus11.htm

"A company can also be wound up voluntarily by its members or its creditors. This is only possible if the company is solvent and able to pay its debts in full within a period not exceeding 12 months from the commencement of the winding up proceedings. The following summarizes the procedure and effects of a members’ voluntary liquidation (MVL)."

We probably need some legal advice on

- what our rights are as creditors versus the secured lenders

- whether we can "sue" Barang Barang for Fraud for luring us to their clearance sale so their parent company KLW can siphon cash and then quickly file for liquidation.

[intewig 0]

That's us. Got lured by the clearance sale and bought a sofa and coffee table set at close to 70% off days before they closed. Looks like we're not the only ones.

I found out some information on the voluntary liquidation procedure here:

http://www.entersingaporebusiness.info/Bus11.htm

"A company can also be wound up voluntarily by its members or its creditors. This is only possible if the company is solvent and able to pay its debts in full within a period not exceeding 12 months from the commencement of the winding up proceedings. The following summarizes the procedure and effects of a members’ voluntary liquidation (MVL)."

We probably need some legal advice on

- what our rights are as creditors versus the secured lenders

- whether we can "sue" Barang Barang for Fraud for luring us to their clearance sale so their parent company KLW can siphon cash and then quickly file for liquidation.

[intewig 0]

Notice of voluntary liquidation and request for creditors to come forward should be circulated in the newspapers anytime now (within 10 days according to law, not sure if that includes CNY). Please post if you see any notice.

[intewig 0]

Dear all -

I've started a consumer protection group for Consumers vs Barang Barang.

If Barang Barang owes you money, please join. We need to band together and file a complaint with CASE, and make some noise - otherwise we can say goodbye to our cash and furniture.

Please join the group here:

http://www.facebook.com/group.php?gid=313866992286

Being rather low-tech I've relied on Facebook to host the group. If you don't have Facebook but are also owed money by Barang Barang, please message me.

If you have legal or accounting experience and are willing to help, please join the group as well.

cheers.

[jamora 0]

We are the unlucky ones..

Was horrified when we drop by to their Marina Outlet. The notice says close for busniess.

Fully paid - 2 items that bought last July to catch their huge discout 50% off.

Keep on postponing due to our house keys delayed and renovation in progress. If we have known, should have just have ask them to send. Talked to their Liquidator- outcome will be given by next week.