Gallery & Co’s management firm, By AndCo Pte Ltd, has terminated its operations after more than four years of operating the museum store with the National Gallery Singapore, following the impact brought about by the coronavirus pandemic on the tourism and retail sector.
By AndCo released a statement on Facebook yesterday (7 Aug) stating that the business volume had failed to support its operating model, despite the firm’s “collective best efforts”.
“We are hugely dependent on tourism and retail. With COVID-19, both sectors were severely impacted,” it stated.
Gallery & Co, which was founded in 2015 under the partnership between By AndCo and the National Gallery of Singapore, is currently under liquidation.
By AndCo hinted that the National Gallery will be setting up a new and separate management entity for the brand name, while the details are in the midst of being formulated.
“The company’s assets and liabilities will be organised accordingly within the appropriate legal framework in the fairest way possible by a neutral third party,” it asserted.
“Please be assured that the liquidator will process our assets on hand as fairly as possible to the affected parties,” the company added.
One of the suppliers for Gallery & Co, however, claimed that the company has an unsettled payment which amounted to S$12,000 for goods sold since November last year.
The Little Dröm Store took to Facebook on Thursday (6 Aug) stating that the Gallery and Co’s liquidator firm has reached out to inform about the termination of By AndCo.
“We are also required to submit forms and show proof of debt. We have not been paid for goods sold since Nov 2019, with amounts totalling $12,000,” it stated.
But the company is uncertain of whether it would receive the payment as it can only wait for the liquidator’s advice.
“To the people in charge, we understand that you are busy. While you were busy building your business empire, quite obviously, some decisions were made at our expense. $12,000 might be loose change to you, but not to us.”
“And please do not blame it on COVID. COVID does not cause a deficit in integrity,” it asserted.
The art and design retail store also claimed that it has no access to the goods supplied to the museum store which worth almost S$30,000 in total.
“10 years into the retail business, we have never felt so cheated, stupid and disappointed before, with the team going radio silence on us. We trusted you, top up goods promptly, agreed to a credit term and sponsored gifts for your events,” it added.
The Little Dröm Store – which founded by Singaporean designers Stanley Tan and Antoinette Wong – advised small business owners to take time for evaluation before consigning items to big retailers.
“Watch out for the red flags, if you are constantly chasing for payments and communication has been inconsistent, you should think twice about the partnership. Because when things like that happens, you would be left on the chopping block. Do not give big retailers the power to bully and abuse anymore. There are many other ways to gain exposure,” it remarked.