American food chain Smoothie King has closed all seven of its stores in Singapore over the past month – although it says it is still keen to operate here within a franchise agreement.
The news has shocked observers as the food and beverage segment is said to be one bright spot in an otherwise gloomy retail scene.
While Smoothie King did not comment on the performance of its stores here, a company spokesman said its owner and chief executive Wan Kim recently sold his interest in the South Korean operations.
(Source: Straits Times )