Crystal Jade Closes Four More Outlets, Cuts 120 Jobs Ahead of Sale

Crystal Jade closed four Singapore outlets on October 6 and issued termination notices to about 120 workers as part of a restructuring ahead of a proposed sale. Advisory firm Kroll, appointed receiver of the holding companies on September 29, said the move leaves nine restaurants operating and a workforce of about 210. The closures affect three La Mian Xiao Long Bao locations and one Crystal Jade GO outlet.

Which outlets closed and when

The four outlets that ceased operations on October 6 comprised three Crystal Jade La Mian Xiao Long Bao restaurants at Bugis Junction, Toa Payoh, and i12 Katong, plus Crystal Jade GO at Oasis Terraces in Punggol. The group’s central kitchen, Crystal Jade Food Manufacturing, also ceased operations on October 5. Kroll representatives announced the restructuring on October 7, stating no further closures are expected in Singapore.

What happens to affected workers

About 120 workers across the affected outlets and some corporate functions received termination notices. All affected employees will receive salary payments up to their final employment date, and restaurant staff will continue serving applicable notice periods with compensation per their employment contracts. Workers with questions about final pay or benefits can contact the HR team.

Job support and placement assistance

The Food, Drinks and Allied Workers Union (FDAWU) and NTUC’s Employment and Employability Institute (e2i) have identified more than 400 job opportunities across food manufacturing, food services, hospitality, and retail sectors. Employer partners including Din Tai Fung, Paris Baguette, and Neo Group Bakery conducted on-site interviews for affected workers. FDAWU general secretary Sankaradass S. Chami said the union is ensuring workers are treated fairly and kept informed during this uncertain period.

Why the restructuring is happening

Kroll said the restructuring is part of preparations for a proposed sale of Crystal Jade’s Singapore business as a going concern. The objective is to preserve the group’s established brands, restaurant operations, and value built over more than 30 years. The proposed sale is intended to support business continuity and future growth and is not expected to result in further operational restructuring.

Final Thoughts

Crystal Jade’s restructuring signals a major transition for Singapore’s oldest Chinese restaurant group. With nine outlets remaining and 210 employees, the business is being positioned for sale to preserve its brands and operations built over three decades.

FAQs

Disclaimer:

The content shared by Meyka AI PTY LTD is solely for research and informational purposes.  Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.