Autagco, the listed company formerly known as LifeBrandz, plans to shut down its last Superfood Kitchen outlet and wind up its F&B business as part of its strategic review.
The company used to operate three outlets under this brand, which is operated via an indirect subsidiary.
In an announcement on Aug 31, Autagco says it will shut down its Raffles City outlet, after it could not come to "mutually acceptable terms" for lease renewal with the landlord.
Both parties have agreed to terminate the lease, and that the outlet has ceased operations on Aug 31 and that the premises will be handed over to the landlord on Sept 11.
Autagco estimates it will incur an immediate one-off cost of around $15,000 for the premises handover costs related to the closure of this outlet.
In an earlier announcement on July 28, Autagco said it has shut down its Jurong Point outlet and will incur costs of some $11,000.
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"Since its launch in late 2022, the SFK Jurong Point outlet has faced persistent operational challenges, including escalating food and manpower costs, as well as weak sales performance, leading to continued losses," the company said then.
A third outlet at Changi Airport was listed on the company's website as "permanently closed".
Autagco says it tried to find a buyer for the "Superfood" master franchise brand but no binding arrangement was reached.
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Under executive chairman Ng Boon Hui, the new executive chairman, Autagco is aiming to expand into the private assisted living space.
Autagco shares closed at 0.1 cent on Aug 29.
