[SINGAPORE] An ill-timed property bet, a generational pandemic and a wave of customer closures – just any one of these would have been a severe setback for a business.
But for third-generation food distributor FoodXervices, all three hit at once; eventually, something had to give.
That moment came in April, when the company abruptly shut down and entered voluntary liquidation, drawing the curtain on a 92-year family business legacy.
“The whole deck of cards just toppled in the second half of March this year,” recalled Nichol Ng, co-founder of FoodXervices, in a recent interview with The Business Times.
At the time of its closure, the company had about 50 employees. All were laid off, with some salaries for April unpaid, pending the…