Singapore's major Chinese restaurant chain Crystal Jade has been placed under the control of an administrator, with US risk consultancy Kroll appointed administrator. The company plans to reduce its store network.
Singapore's major Chinese restaurant group Crystal Jade has come under the control of an administrator. Kroll, a US risk consulting firm, was appointed administrator. As a result, the company is currently reducing its store network.
As the food-service industry faces an economic downturn, Crystal Jade is reducing its store network, and it has been reported that the company is reviewing staffing arrangements and store operations as part of its business restructuring.
Founded in 1991, Crystal Jade is one of Singapore's leading Chinese restaurant brands. It operates outlets in Singapore and Hong Kong serving upscale Cantonese cuisine, dim sum and Chinese noodles. The group is currently said to maintain a network of around 100 outlets.