Singapore’s home-grown restaurant group Crystal Jade has closed four additional outlets, extending a series of recent closures amid a restructuring process ahead of a proposed sale of the business. The latest closures, which took effect on October 6, follow three outlets shuttered in September, underscoring the challenges faced by local food and beverage operators in a competitive market.
The four outlets affected are the Crystal Jade La Mian Xiao Long Bao branches at Bugis Junction, Toa Payoh, and i12 Katong, as well as Crystal Jade GO at Oasis Terraces in Punggol. These closures resulted in termination notices being issued to approximately 120 employees, with efforts underway to assist those affected in finding new employment.
Representatives from advisory firm Kroll, appointed as receivers over Crystal Jade Culinary Concepts Holding in Singapore and its Hong Kong-incorporated counterpart on September 30, announced the closures on October 7. Kroll has been coordinating with the Food, Drinks and Allied Workers Union (FDAWU) and the National Trades Union Congress’ e2i to support displaced workers, arranging job interviews with various employers in the hospitality and food sectors.
Among the companies conducting interviews were Paris Baguette, Neo Group Bakery, and Din Tai Fung. Paris Baguette’s human resources team noted that seven of the 15 workers interviewed had been shortlisted for follow-up discussions, with three scheduled for additional interviews at their regional headquarters. FDAWU general secretary Sankararadass S. Chami highlighted the importance of these on-site interviews as a critical step to connect former employees with new job opportunities. Other employer partners offering job openings include Raffles Hotel Singapore and Sheng Siong Group.
Crystal Jade, which had closed several other outlets earlier this year—including branches at The Clementi Mall, Jurong Point, Great World, Suntec City, Hillion Mall, and its 20-year-old Holland Village La Mian Xiao Long Bao outlet—now operates nine outlets in Singapore with a workforce of about 210. Kroll stated it does not anticipate further closures locally.
Customers expressed mixed reactions to the news, with some resigned to the closures given the current difficulties faced by local F&B brands amid rising operational costs and competition from international chains. Derek Wong, a 35-year-old writer, noted that Crystal Jade had been a go-to choice for family gatherings, but acknowledged the challenging environment for domestic operators. Similarly, diners at the Takashimaya outlet expressed appreciation for the restaurant’s service and offerings, while noting the increased costs associated with eating out.
Crystal Jade’s current shareholders include entities linked to Affirma Capital and L Capital Asia, the Asian private equity arm supported by luxury conglomerate LVMH, now merged and operating as L Catterton Asia. The receivership is reportedly part of a broader strategy to facilitate L Capital Asia’s exit from the business, though the specific reasons for choosing a receivership process have not been disclosed. Kroll declined to comment on the details surrounding its appointment as receiver.
Staff at the remaining Crystal Jade outlets declined to comment directly on the closures, referring inquiries to the group’s marketing representatives and Kroll. The restructuring and efforts to assist affected workers continue as the company navigates this transition period.