“There have been misleading media reports suggesting that Cotton On stores operating in Asia are being closed, this information is incorrect and we have no plans to exit the Asia region,” a Cotton On spokesperson said on March 31, as reported by Channel News Asia.
|
A Cotton On store in Singapore. Photo by Google Maps/Calvin Yang |
A notice published in the Government Gazette on March 30 stated that Cotton On Asia would undergo voluntary liquidation, with liquidators from PwC Singapore appointed to wind up the business.
In its statement, the company said Cotton On Asia (the entity being liquidated) does not and has never operated any stores or employed staff, noting that it was an inactive holding company that is no longer needed.
“This…