Last year in Nov, Creative announced that they are going cease their Club Creative Membership. We already predicted that the Creative Stores will be closing down. Our worst fear had been realized, Creative Technology has closed its downtown lifestyle concept store at the Marina Square mall.
A notice indicating the closure has been seen on the shopfront, a shopper told Business Times. A spokesman for the MP3 player maker confirmed the store closure, but declined Business Times's request for comments about the closure, which leaves Creative with two retail outlets in Singapore - one at Plaza Singapura, and another at the company's headquarters at the International Business Park in Jurong East.
Creative, which last month unwrapped a new computing chip technology dubbed Zii, has been suffering from declining sales. For its second quarter ended Dec 31, 2008, revenue fell 41 per cent to US$155.7 million. It also suffered a net loss of US$32.4 million for Q2, the company's biggest loss in 11 quarters.
Chief operating officer Craig McHugh said in the Q2 results announcement last month that the company was 'evaluating the structure of our field organisations' to slash operating expenses.
Source: Kim Eng Securities Research
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