Newstead Technologies, which owns Apple reseller Nübox, has agreed to sell 10 Nübox stores to reseller Elush, which operates reseller brands iStudio and Epicentre.
The agreement follows news of the Singapore-based electronics retailer entering provisional liquidation in October 2018.
In a transaction announced in June 2018, Elush acquired reseller Epicentre in a deal worth $516,275 comprising the reseller’s four stores at ION Orchard, Wheelock Place, Marina Bay Sands and Bugis Junction, along with its online store, with permission to use its trademarks ‘Epicentre’ and ‘Live Out Loud by Epicentre’ without additional cost, as part of the agreement.
The transition of Nübox to Elush ownership is expected to be completed by January 31, 2019, according to a statement released by the company.
Furthermore, Newstead has clarified it does not intent on making any sudden changes to the operation of Nubox stores and its ‘business as usual’ for all outlets, with a commitment to honour all transactions and service commitments during the transition.
Following liquidation talks in October 2018, the reseller let go of about 100 employees.
In addition, the reseller was expected to be the IT anchor tenant for the redeveloped Funan mall which is due to open in the second quarter of 2019.
It is unclear if this will still be the case following Newstead’s recent business decisions.