GoBear, a Singaporean financial technology start-up that received VC backing as recently as May, will cease operations and begin a phased closure of the business, citing pandemic-related disruption.
Not all bankruptcies can be blamed solely on COVID-19; neither is private equity ownership necessarily bad news for retailers. As recent experiences in Australia demonstrate, evolution and execution are key
Seafolly, an Australian swimwear and beachwear brand owned by L Catterton Asia, has entered administration, citing the “crippling financial impact” of the COVID-19 pandemic.
Baring Private Equity Asia has agreed a restructuring of Cath Kidston, a UK lifestyle retailer it has backed since 2014, under which the company has entered administration and will reemerge as a smaller business.
The Burger King New Zealand franchise, which was acquired by The Blackstone Group for NZ$108 million ($86 million) in 2011, has been placed into receivership.
Tigerlily, an Australian swimwear brand acquired by Crescent Capital Partners in 2017, has entered administration following a collapse in sales attributed to the COVID-19 outbreak.
CricHQ, a cricket-focused online platform based in New Zealand and backed by Singapore-based Tembusu Partners, has been placed in receivership.
Australian mining services provider Bis Industries has reached a debt-to-equity restructuring agreement with creditors that will see current owner KKR relinquish its majority position.
A creditor consortium led by Investec and Bain Capital Credit (BCC) has assumed full control of Gerard Lighting, an Australian light fittings distributor owned by CHAMP Private Equity.
Byron Group, an Australia-based manufacturer of emergency services transport vehicles and related equipment owned by Wolseley Private Equity, has been placed into administration.
The Australian operation of Jones the Grocer, a gourmet food retailer backed by L Capital Asia, has entered voluntary administration for the second time in two years.