Singaporean brand Tollyjoy ceases operations after 55 years — Channel NewsAsia
In Singapore, the baby care products brand Tollyjoy is ceasing operations after 55 years in business. The company's CEO, Tan Wee Keng, said the decision was not driven by financial considerations, Channel NewsAsia reports.
A family business decision
According to Tan, the family company decided to wind up operations after assessing the future of the business and plans for the further use of time and resources. He stressed that the decision was not made hastily and was taken with a sense of responsibility.
Tollyjoy did not specify what exactly it plans to devote its time and resources to after ceasing operations, nor did it name the date of the final shutdown. The company said it would focus on an orderly closure, including employee welfare and the management of remaining inventory.
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Sales in Singapore have stopped
Tollyjoy products are no longer sold in Singapore, although some of the brand's goods are still available in Malaysia. The company first announced the winding down of the brand on September 15.
Tollyjoy was founded in Singapore in 1971 by the father of its current head. The brand sold products for mothers and children, from feeding accessories to cleaning products. An article by Singapore Management University published in 2018 stated that the company employed about 200 people in 2016 and had annual revenue of S$16 million, or US$12.5 million.
