Over 2million in Debt!
Due to a sudden turn of events, the founders of Great Deals Singapore have declared bankruptcy due to uncleared debts of over 2.5million. Initial speculation suggested that the founders had overestimated the financials and overspent on purchasing server clusters in datacentres and optic fibre bandwith in order to sustain the huge amount of traffic from visitors.
Quoted from one of the key personnel in the editorial team “My role is to ensure the highest quality of contents brought forward to our readers, and I was shocked when one of our founders SMS-ed me tonight for an urgent conference… only to find out later that they have decided to announce closure on the site due to the rising amount of debts. I knew something was fishy when the founders looked flustered throughout this week but I didn’t expect it to turn out like this…”
Apparently, it was also noted that the founders claimed they had tried to raised funds over the last 24hours to clear off the critical debts but it wasn’t enough. Due to the closure of the site, auditors will come into the office to liquidate assets and a possible auction of the site to the public is in the talks if the founders cannot find a buyer within another 48hours.