Latest Job Market News in Singapore / SDS' Pick from early January 2015
1) Japanese fashion label Lowrys Farm closing all 8 outlets (Jan 10)
After 3 years in the Singapore market, Japanese fashion brand Lowrys Farm is pulling out of Singapore, following after the last year's demise of Fancl (Skincare brand) and Francfranc (Furniture).
Lowrys Farm has close to 200 stores globally. The firm is closing only the stores in Singapore. Their 8 outlets here are located at Suntec City Mall, 313@somerset etc, and will shut by Feb 18, 2015. About 150 workers are going to lose their jobs with 2 months notices in advance.
2) 4,000 job cuts in global network: Standard Chartered Bank (Jan 8)
Some Singapore employees of Standard Chartered Bank seem to have been escorted out of the office on Jan 8 as they arrived to start work. Banks are said that they often take this approach during layoffs to protect sensitive data.
A StanChart spokesman in Singapore says that 2,000 jobs were cut across the world on Jan 8, with a further 2,000 reduction by the ond of this year.
The article reported that the bank was the worst-performing holding in the last year.