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Newstead to wind up!


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They used to occupy 1st floor right next to the escalator back in the 90's, hearsay the sales peeps then used to get 50% comms anything they can charge above market rate to the customer. Now that amazon has arrived all the ang mo customer no come liao  [laugh]

 

Anyway the boss owned several shops there, should be living quite well if he reinvested the dosh he made in those days. 

 

Funan is gonna be a IT mall still though, they gonna install some facial recognition system there to stay all high tech hehe dunno if NTUC will fit in.

 

But if @Radx go shopping sure all camera will explode so we can go after he goes and get free stuff  [:p]  

 

nah, RadX also go online already, tiagong he just bought a $3 phone cover for a $2k phone...  [:p]

 

maybe his Infinite Visa card hit limit already.  :D

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The bozz urned enough already, now retiring mah. Rental simi high??? Still very very chip you know if you compare us to this city and that city alound the the whore.

 

(Gobbermen start spouting statisticks.....)

 

 

[laugh]

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What exactly does "beng" mean when describing newstead or challenger?

Meaning front facing sales and service reps are ah bengs.

 

Newstead more overt than Challenger.

Edited by Turboflat4
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Turbocharged

from child booster seat, luggage, mobile phone...all brought online.

 

My wife just placed order for 3 bottles of moping detergent online.

 

what we cant buy online that still need yo make a trip down to the shop?

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Turbocharged

https://www.straitstimes.com/singapore/it-retailer-newstead-technologies-undergoes-reorganisation-business-as-usual-at-some

 

 

IT retailer Newstead axes 100 staff in reorganisation; business as usual at some stores

 

SINGAPORE - Home-grown electronics retailer Newstead Technologies will remain operational for now, following a reorganisation of the company that has seen 40 per cent of its 250 staff let go.

The firm, which operates more than a dozen stores including Apple reseller Nubox and electronics concept store Digital Style, was placed under provisional liquidation last Thursday (Oct 4), according to a statement issued on Tuesday evening.

The appointed provisional liquidator, Mr Tee Wey Lih of Acres Advisory, together with the Newstead management team have completed a reorganisation of the company and it is business as usual at all 10 Nubox outlets, as well as selected Newstead stores, the statement said.

"The company will continue to honour all transactions and service commitments during this transition period... Newstead also appreciates the support of employees, vendors and partners in this time," the statement said, adding that the firm is in talks with investors to find a workable solution for all parties involved.

A creditors' meeting will be scheduled for Nov 2, and the notice of the meeting will be issued next week.

 

The Straits Times reported on Monday that the firm was being voluntarily wound up, with Newstead stores at Suntec City and Marina Square having shut in the last week.

Staff at its office and stores in Sim Lim Square, Nex and City Square Mall declined to comment when approached by The Straits Times on Tuesday, though sales staff said that warranties purchased at Newstead stores would be honoured by product manufacturers.

Mr Low Ah Seng, 55, a delivery driver for an electronics supply company, said Newstead owes his firm $3,000 for an order of hard disks delivered two weeks ago.

Part-time sales assistant Jack Ng, who works at laptop retailer Atrix on the fourth floor of Sim Lim Square, said one of Newstead's four stores in the mall has been closed since last Wednesday.

"The staff came in for a meeting in the morning but instead of opening the shop they just took some belongings and left," he said.

Customers attempting to contact Newstead have been leaving their contact numbers with Atrix, which is located across from the shuttered store, and asking to be notified if the store reopens, said Mr Ng, 22.

"I'm not sure what happened... it was quite sudden. It's a big company so I'm shocked," he said.

Newstead, which was established in 1998, had been touted last year as the largest IT anchor for the upcoming Funan mall, with plans to occupy multiple concept stores across 15,000 sq ft when the revamped mall reopens next year.

A spokesman for CapitaLand said on Tuesday that "discussions with our tenants are ongoing and confidential", and that other IT retailers will include AddOn Systems, T K Foto and GamePro.

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you seem so fired up

 

why don't you join an alternative party and all MCF bros including sis come and vote for you

 

 

otherwise your talent is wasted here

 

Vratenza

 

This post attracted 5 dislike points and was as anonymous

 

 

Either you gave me the 5 dislike points or someone trying pick on you using me as a portal.

 

 

I believe it is the latter.

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You are right. IF it is me, you will know it's from me.

 

I am not that 自大to think that  what I posted on line makes such an impression on the person to need to scheme for revenge.

 

Just ignore.....what is 5 anonymous dislike to you right?

 

Vratenza

 

This post attracted 5 dislike points and was as anonymous

 

 

Either you gave me the 5 dislike points or someone trying pick on you using me as a portal.

 

 

I believe it is the latter.

 

Edited by Vratenza
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https://www.straitstimes.com/singapore/it-retailer-newstead-technologies-undergoes-reorganisation-business-as-usual-at-some

 

 

IT retailer Newstead axes 100 staff in reorganisation; business as usual at some stores

 

SINGAPORE - Home-grown electronics retailer Newstead Technologies will remain operational for now, following a reorganisation of the company that has seen 40 per cent of its 250 staff let go.

The firm, which operates more than a dozen stores including Apple reseller Nubox and electronics concept store Digital Style, was placed under provisional liquidation last Thursday (Oct 4), according to a statement issued on Tuesday evening.

The appointed provisional liquidator, Mr Tee Wey Lih of Acres Advisory, together with the Newstead management team have completed a reorganisation of the company and it is business as usual at all 10 Nubox outlets, as well as selected Newstead stores, the statement said.

"The company will continue to honour all transactions and service commitments during this transition period... Newstead also appreciates the support of employees, vendors and partners in this time," the statement said, adding that the firm is in talks with investors to find a workable solution for all parties involved.

A creditors' meeting will be scheduled for Nov 2, and the notice of the meeting will be issued next week.

 

The Straits Times reported on Monday that the firm was being voluntarily wound up, with Newstead stores at Suntec City and Marina Square having shut in the last week.

Staff at its office and stores in Sim Lim Square, Nex and City Square Mall declined to comment when approached by The Straits Times on Tuesday, though sales staff said that warranties purchased at Newstead stores would be honoured by product manufacturers.

Mr Low Ah Seng, 55, a delivery driver for an electronics supply company, said Newstead owes his firm $3,000 for an order of hard disks delivered two weeks ago.

Part-time sales assistant Jack Ng, who works at laptop retailer Atrix on the fourth floor of Sim Lim Square, said one of Newstead's four stores in the mall has been closed since last Wednesday.

"The staff came in for a meeting in the morning but instead of opening the shop they just took some belongings and left," he said.

Customers attempting to contact Newstead have been leaving their contact numbers with Atrix, which is located across from the shuttered store, and asking to be notified if the store reopens, said Mr Ng, 22.

"I'm not sure what happened... it was quite sudden. It's a big company so I'm shocked," he said.

Newstead, which was established in 1998, had been touted last year as the largest IT anchor for the upcoming Funan mall, with plans to occupy multiple concept stores across 15,000 sq ft when the revamped mall reopens next year.

A spokesman for CapitaLand said on Tuesday that "discussions with our tenants are ongoing and confidential", and that other IT retailers will include AddOn Systems, T K Foto and GamePro.

 

 

"Retrenchment is good for singapore. If there is no retrenchments, then I worry."

-Goh Chok Tong, MP and former PM

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Newstead should have remained in SLS and continued to scam unwitting customers.

 

Now they expand into posh areas and get scammed by REITS landlords. Lol.

 

Goodbye Newstead, you will not be missed :D

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#Aslongasitisnotme      :D

 

$500PA FTW!

 

Ever hear of PAP ministers/MP kenna retrenched? They just create more deputy/acting head positions to park those no longer in active use  -_-

 

 

"Retrenchment is good for singapore. If there is no retrenchments, then I worry."

-Goh Chok Tong, MP and former PM

 

Edited by Vratenza
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Newstead should have remained in SLS and continued to scam unwitting customers.

 

Now they expand into posh areas and get scammed by REITS landlords. Lol.

 

Goodbye Newstead, you will not be missed :D

No more such customers Liao, tourist all buy online or wisen up. The best place to scam them these days is lucky plaza, now only stingy locals go sls hehe hrmm like me lah :D
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from child booster seat, luggage, mobile phone...all brought online.

 

My wife just placed order for 3 bottles of moping detergent online.

 

what we cant buy online that still need yo make a trip down to the shop?ð¤

Isn’t ironic that stores that sell IT stuff are still doing it the bricks & mortar way?....

 

That’s like trying to spread the msg of saving trees by printing pamphlets and handing them out.

Edited by Soya
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Isn’t ironic that stores that sell IT stuff are still doing it the bricks & mortar way?....

 

That’s like trying to spread the msg of saving trees by printing pamphlets and handing them out.

 

hmm.. after newstead is out.. can challenger stores continue to tahan....

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hmm.. after newstead is out.. can challenger stores continue to tahan....

 

 

challenger also chiam toh liao lor.

 

Just look at what they are selling and how much closed out stuffs they have in the stores.

 

And watch out for those renewing their membership, they starting hard selling renewal of memberships as early as 18 months left. 

 

The last time I was there, I had to ask the counter aunty, " are you selling products or are you selling membership? Cant you see the queue behind me?"  <_<  [laugh]  [laugh]

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challenger also chiam toh liao lor.

 

Just look at what they are selling and how much closed out stuffs they have in the stores.

 

And watch out for those renewing their membership, they starting hard selling renewal of memberships as early as 18 months left. 

 

The last time I was there, I had to ask the counter aunty, " are you selling products or are you selling membership? Cant you see the queue behind me?"  <_<  [laugh]  [laugh]

 

but challenger is convenient. when clinic mouse spoils, i can get one straight away  [laugh]

 

I also bought their screwdriver set ha.

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so wanna buy laptop which channel best?

 

ð¬

Like many others, i onli buy during lelong sale at Sitex, Comex, PC Show....
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