No Signboard closes hawker-themed burger chain as losses pile up
The company expects a $500,000 impairment loss from the closure.
No Signboard Holdings will cease operations of its Hawker QSR restaurants due to continuing losses, an announcement revealed.
The company said that it expects to report an impairment loss of up to $500,000 related to outlet renovations resulting from the closure.They are also reportedly looking for “replacement tenants,” subject to further announcement.
No Signboard first launched the Hawker brand in June 2018, which was marketed as a hawker-themed burger chain that will serve localised burgers, wraps, and buns.
The announcement came just a day after No Signboard reported a third quarter net loss of $1.4m which was attributed to higher operating expenses incurred for its hotpot and quick service restaurants.
Last May, the company’s CEO Sam Lim was arrested and put on bail last May for suspicion of breaching sections 197 and 218 of the Securities and Futures Act (SFA) Cao 289.