SINGAPORE: IT Retailer Newstead Technologies has agreed to sell its 10 Nubox stores, it said in a statement Friday (November 30th).
The domestic company, which was put under temporary liquidation last month, said the stores would go to premium Elush (T3) Pte Ltd. from Apple. Elush manages iStudio and Epicenter stores.
Nubox is Newstead's authorized reseller for Apple products.
"Both sides work closely together to ensure a smooth transition, which is expected to end by January 31, 2019," Newstead said.
Newstead added that it was still "businesslike as usual" for all Nubox sales centers and that the company would continue to respect all transactions and obligations during the transition.
Released about 100 employees last month. The company said that in a conversation with investors it found a practical solution for all involved parties.
Starting in 1998, there are more stores in the Newstead, DigitalStyle and @ notebook.com shopping malls.
He was an IT anchor tenant for the reconstructed Funan Center, which will open in the second quarter of 2019.