logo
Will Cathay Cineplexes soon bid its final farewell amid millions in debt?

Will Cathay Cineplexes soon bid its final farewell amid millions in debt?

Photo: Google Maps/Ivan Lim
SINGAPORE: Cathay Cineplexes may soon bid its final farewell, with owner and operator mm2 Asia announcing it is evaluating 'all available options'—including winding up the cinema business—to address the millions of dollars in financial challenges it is facing.
In a bourse filing on Thursday (July 17), mm2 Asia said, 'The Group has been committed towards the continued operation of its cinema business in Singapore. However, such commitment requires the support from its landlords, which has not been meaningful despite the difficult operating environment for cinemas and the wider retail industry over the past years caused by, amongst other things, the COVID-19 pandemic.'
Channel News Asia (CNA) reported that in the last three years, Cathay Cineplexes has closed six outlets across Singapore, including its West Mall outlet in February. Only four are still operating today.
Before announcing its West Mall outlet closure, mm2 Asia received letters of demand from landlords of its Century Square and Causeway Point outlets, seeking S$2.7 million in unpaid rent and other costs . That figure has since risen to over S$3 million.
More demands have come in this month. The landlord of its former Jem outlet is seeking around S$3.4 million in rental arrears, while Linkwasha Holdings is demanding repayment of S$7.56 million from a S$30 million loan Linkwasha provided in 2017, which helped fund mm2 Asia's acquisition of Cathay Cineplexes from Cathay Organisation. The company said that while it has repaid its loan over the years, the outstanding amount is now due by July 28.
In a separate bourse filing on Wednesday (July 16), the company also proposed to extend the maturity date of a S$54 million bond deal originally due December 29, 2025, to December 30, 2031.
mm2 Asia said it is reviewing all options in light of its recent receipt of various statutory demands and outlined three possible paths forward: To continue negotiations with Cathay Cineplexes' landlords with the aim of restructuring existing obligations consensually
To pursue a scheme of arrangement under a court-supervised process to restructure the cinemas' debts while keeping operations running
Or to pursue the winding up of Cathay Cineplexes
In February, Cathay Cineplexes launched its 'Save Our Screens' campaign in a bid to keep its cinemas running. However, the move drew flak from cinema-goers who faced issues using their vouchers.
mm2 Asia said it would make further announcements should there be any material developments regarding legal demands or lease-related matters.
'Shareholders are advised to exercise caution when dealing in the securities of the company and to refrain from taking any action in relation to their shares which may be prejudicial to their interests,' it added. /TISG document.addEventListener("DOMContentLoaded", () => { const trigger = document.getElementById("ads-trigger"); if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { entries.forEach(entry => { if (entry.isIntersecting) { lazyLoader(); // You should define lazyLoader() elsewhere or inline here observer.unobserve(entry.target); // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); observer.observe(trigger); } else { // Fallback setTimeout(lazyLoader, 3000); } });
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Nvidia supplier SK Hynix says on track to double high-end AI chip sales
Nvidia supplier SK Hynix says on track to double high-end AI chip sales

CNA

timean hour ago

  • CNA

Nvidia supplier SK Hynix says on track to double high-end AI chip sales

SEOUL :South Korea's SK Hynix posted on Thursday a record quarterly profit, driven by strong demand for advanced chips used in generative artificial intelligence chipsets and as some customers stockpiled semiconductors ahead of potential U.S. tariffs. "SK Hynix foresees that increasing competition among big tech companies to enhance inference of AI models would lead to higher demand for high-performance and high-capacity memory products," it said in a statement. The Nvidia supplier expects to double high-bandwidth memory (HBM) chip sales for the full year compared to 2024, the company said. SK Hynix overtook Samsung Electronics as the world's top memory chip maker in the first quarter due to its leadership in HBM chips, a crucial component of AI chipsets designed by the likes of Nvidia that assist the processing of vast amounts of data to train AI models. SK Hynix reported a 9.2 trillion won ($6.69 billion) operating profit for the April-June period, up 69 per cent from 5.5 trillion won a year earlier. That compared with a 9.0 trillion won average forecast by LSEG SmartEstimate, which is weighted toward analysts who are more consistently accurate. Revenue rose 35 per cent to 22.2 trillion won during the quarter. After posting a series of record profits boosted by strong AI demand, SK Hynix is bracing for potential U.S. tariffs and rising competition from rivals in supplying advanced chips to Nvidia, analysts say.

Nvidia supplier SK Hynix Q2 profit rises 69%, slightly above forecasts
Nvidia supplier SK Hynix Q2 profit rises 69%, slightly above forecasts

CNA

timean hour ago

  • CNA

Nvidia supplier SK Hynix Q2 profit rises 69%, slightly above forecasts

SEOUL :South Korea's SK Hynix posted on Thursday a record quarterly profit, driven by strong demand for advanced chips used in generative artificial intelligence chipsets and as some customers stockpiled semiconductors ahead of potential U.S. tariffs. The Nvidia supplier reported a 9.2 trillion won ($6.69 billion) operating profit for the April-June period versus 5.5 trillion won a year earlier. That compared with a 9.0 trillion won average forecast by LSEG SmartEstimate, which is weighted toward analysts who are more consistently accurate. The firm has been a main high-bandwidth memory (HBM) chip supplier to Nvidia, as its cross-town rival Samsung Electronics has struggled to keep up in the race. ($1 = 1,374.5800 won)

How the shoe brand worn by Blackpink's Jennie, Bella Hadid and Selena Gomez chose Singapore for its first store
How the shoe brand worn by Blackpink's Jennie, Bella Hadid and Selena Gomez chose Singapore for its first store

CNA

timean hour ago

  • CNA

How the shoe brand worn by Blackpink's Jennie, Bella Hadid and Selena Gomez chose Singapore for its first store

When it comes to fashion, everything Blackpink's Jennie touches turns to gold – and her outing in ruby-hued Mary-Janes from sustainable footwear brand Vivaia was no exception. After performing at Coachella this year, the K-pop star posted a casual snap of herself in the coveted shoes on Instagram. Demand for the Margot Mary-Jane surged overnight, with the style racking up over 150,000 sales globally. But viral fame, while exhilarating, is not the cornerstone of the brand's success. What's powering the US-based label's meteoric rise in just five years – from a digital-first startup to a global name with a physical flagship in Singapore – are shoes that marry sleek design, sustainability and real-world wearability. Vivaia (pronounced vi-vai-yah) was founded in 2020 by Jeff Chan and Marina Chen, who are in their '40s'. Their origin story, as Chan tells it, began with a band-aid. 'My wife has over 200 pairs of shoes, but every time she wore heels, she had to carry a band-aid,' he said. 'When I asked why, she said, 'It's not the shoes. It's my feet that don't fit in them.'' That insight became the seed of something bigger for the serial entrepreneur, who previously co-founded travel gear brand Nordace. Chan brought the idea to Chen, a footwear industry professional well-versed in sourcing and product development. She immediately saw the potential. 'The question I kept hearing from women was: Why can't heels or dress shoes feel like sneakers?' she said. 'I wanted to design shoes that didn't force women to choose between feeling good and looking good.' Viviaia was launched in the United States in 2020, initially operating as a direct-to-consumer online label. Today, its brand marketing and public relations teams operate out of New York, while Chan is based in Hong Kong. Chen splits her time between Asia, the United States and Europe to stay connected with their global teams and markets. The founders declined to share their nationalities, and information regarding their backgrounds is not publicly available. A PHYSICAL HOME IN SINGAPORE While Vivaia's shoes are spotted on everyone from Katie Holmes to Bella Hadid, the brand's first-ever physical store didn't open in New York or Seoul – but right here in Singapore. In 2023, Vivaia opened its first retail outlet at Bugis Junction, a move Chan describes as a 'truly meaningful milestone'. 'What made it so special was the opportunity to let customers experience our shoes firsthand – to feel the comfort, try them on and share their feedback directly with us. That plays a big role in helping us continuously improve our designs.' Since then, five more stores have opened in Singapore, cementing it as the brand's regional stronghold. 'From early on, we saw strong interest from our Singaporean community on social media, especially around having a retail presence. The city's blend of style and sustainability aligned perfectly with Vivaia's values. What surprised us most was how deeply customers connected with our story – not just the shoes,' he added. MEET THE IT SHOES View this post on Instagram A post shared by VIVAIA INDONESIA (@ Ask any Vivaia fan in Singapore and chances are they'll mention the Margot Mary-Jane – the viral square-toe flat worn by Jennie. With an adjustable strap and all-day wearability, the machine-washable style has become one of the brand's top global bestsellers. 'From the start, we had a strong sense it would resonate,' said Chen. 'It's based on our original bestseller, the Margot, but with design tweaks like adding an adjustable strap that adapts to different arch shapes, and a square toe for wider feet. Since launching it in late 2023, we've sold over 150,000 pairs.' Then there's the Sneakerina – recently spotted on Bella Hadid. 'The material was a big challenge. We had to figure out how to use recycled materials to make the satin feel and capture the elegance of a ballet flat while delivering sneaker-level comfort,' she shared. "We developed a unique triple-layer sole for better support. Since satin is hard to maintain, we worked through multiple rounds of testing to make the Sneakerina machine-washable without losing its shape.' Local customers have also made the shoes their own. 'Customers here often pair the Margot Mary-Jane with breezy, minimalist looks,' said Chen. 'In New York, it's styled with jeans, a blazer and bold accessories. With the Sneakerina, we see Singaporeans styling it from work to brunch, while New Yorkers go for a more fashion-forward and playful look with different shoe laces.' PURPOSE MEETS POLISH In the early days, one of the brand's biggest design challenges was striking the balance between function and form. 'For instance, the width of a shoe can pull us in two directions,' explained Chan. 'On one hand, comfort typically calls for a wider fit to provide ample space, while a sleek look often demands a narrower design to achieve that chic, sexy silhouette.' To navigate these trade-offs, Chen – who has over 20 years of experience in the footwear industry, including senior roles at Nike and Nine West – leads product development and innovation. She works closely with their teams to fine-tune structure, fit and material performance. Chan oversees branding, customer insights and operations, ensuring the business stays nimble and responsive to real-world feedback. For Chen, Vivaia's evolution has also been deeply personal. 'I've experienced the same frustrations our customers have. I've worn heels that look beautiful but leave you in pain by the end of the day,' she said. 'I've always believed women shouldn't have to choose between feeling good and looking good.' That is why, she says, every Vivaia design is shaped by her own experience. "From the chic look to the comfortable fit and timeless silhouettes, every pair is a reflection of what I've needed at different occasions, and what I've heard from women around me.' And then there's the woman who unknowingly inspired it all: Chan's wife. 'She's proud – and still a little amused – to be our muse,' he said, cheekily noting that her favourite shoes seem to change as quickly as the brand evolves. SUSTAINABILITY AT ITS CORE View this post on Instagram A post shared by VIVAIA | Eco-Friendly Footwear (@vivaia_official) Every pair of Vivaia shoes is crafted using 3D knitting technology to significantly reduce production waste. The uppers are made from recycled PET bottles – each pair repurposes about six plastic bottles, transforming them into breathable, durable yarns knit directly to shape. 'Any small amounts of leftover material are recycled back into the production cycle,' said Chan. The soles are made from sugarcane-based EVA, a non-toxic, fully recyclable material, while packaging uses recycled cardboard. It's all part of a larger goal: Zero-waste manufacturing. 'We have always been committed to 'doing the hard but right things',' Chan added. "This principle is not just a challenge, it reflects our corporate culture. We are willing to make decisions and take actions that may not gain immediate rewards, but are aimed at long-term sustainability.' WHEN HOLLYWOOD COMES CALLING View this post on Instagram A post shared by VIVAIA INDONESIA (@ The brand's first big brush with fame came when actress Katie Holmes was seen in Vivaia sneakers in 2023, followed by Selena Gomez sharing the Julie Pro heels on Instagram. 'That moment went viral, it really put us on the map,' said Chen. 'People started recognising us as 'the brand worn by Katie and Selena'.' Even now, the thrill of recognition hasn't worn off for the founders. 'It's both surreal and incredibly exciting for our team. It continues to inspire us every day,' she shared. WHAT'S NEXT Now in its fifth year, Vivaia shows no signs of slowing down. The company has grown into a global team of over 200 people across design, R&D, marketing, logistics and customer care – and since its launch, has reached more than a million customers in 61 countries. Its top markets include the United States, United Kingdom and Japan. 'Over the next five years, our focus is to keep listening closely to our customers, investing in great people, and continuously improving our products,' said Chan. 'We want to reach more people and make it easier for people everywhere to experience what we stand for.'

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store