SMEs warned not to over-extend themselves following UAE retail group's collapse - Arabianbusiness
Small and medium-sized businesses have been warned not to over-extend themselves and risk going under following the collapse of a major retail operator in the UAE.
Earlier this week, Arabian Business revealed how Gulf Greetings General Trading emailed suppliers last Friday saying it had closed down operations with ‘immediate effect’. The shock announcement has hit the company’s suppliers hard with some claiming they are owed ‘millions’.
The closure of the retail group, which owned The Toy Store and ran Hallmark in the Gulf, follows on from the closure of Sprii UAE, an online shopping platform, which also left suppliers out of pocket albeit to smaller amounts. In Sprii’s case, a liquidator has been appointed, though those owed money don’t expect much back.
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