Singapore restaurant operator No Signboard is said to owe landlords more than S$176,000 in rental and other fees.
The group said in a bourse filing on Thursday (Feb 3) that it has received letters of demand from the landlords of two of its fast food outlets. The claims will have a “material adverse impact” on the group’s financial position and performance.
No Signboard said that the landlords have threatened legal proceedings if the group fails to pay the monies owed.
Fast food outlets at Paya Lebar and Orchard
One letter of demand is for the sum of S$163,965.56, from Milano Central, the landlord of the premises for unit #01-37 at 10 Paya Lebar Road, PLQ Mall, Paya Lebar Quarter.
The other letter of demand is for a sum of S$12,161.10, from Frasers Property Centrepoint, the landlord of The Centrepoint Singapore.
Both units are occupied by No Signboard’s wholly-owned subsidiary Hawker QSR. A check on the group’s website showed that its two Mom’s Touch Chicken & Burger fast food restaurants are located at those addresses.
No Signboard concerned it’s unable to continue
Last week, No Signboard requested to suspend the trading of its shares, as it cited concern that it’s unable to demonstrate its ability to continue, as per listing rules.
It pointed out the ongoing “operating” challenges in the local food and beverage industry, including the dining restrictions caused by the pandemic.
Featured Image Credit: beauterunway, iriskok