Tollyjoy says decision to close after 55 years not driven by financial considerations

Tollyjoy says decision to close after 55 years not driven by financial considerations The Singapore baby-care brand said Tollyjoy products are no longer being sold in Singapore, although some remain available in Malaysia. SINGAPORE: Tollyjoy's decision to cease operations after 55 years was not driven by financial considerations, the homegrown baby-care company's chief executive said on Monday (Sep 21). Instead, the family business decided it was the right time to call it a day after considering its future, said chief executive Tan Wee Keng. “We recognise the responsibility that comes with making a decision of this nature. It was not entered into lightly, nor was it driven by financial considerations," Mr Tan said in a statement. "After careful consideration on the future of the business and how we wish to focus our time and resources going forward, we felt that the time was right to conclude our operations." The company did not elaborate on where it intends to direct its time and resources after Tollyjoy ceases operations. It also did not give a date for when operations would end. Tollyjoy said it would focus on an "orderly closure" of its operations, including ensuring the welfare of its employees and managing remaining stock. Its products are no longer being sold in Singapore, although some remain available in Malaysia, the company said. Tollyjoy first announced on Sep 15 that it was "winding down the brand". Established in Singapore in 1971, Tollyjoy was founded by Mr Tan's father and has become a familiar name in mother-and-baby care, selling products ranging from feeding essentials to cleaning products. An article published by Singapore Management University in 2018 said the company had about 200 employees and recorded S$16 million (US$12.5 million) in annual revenue in 2016. "For 55 years, we have been fortunate to earn the trust of generations of parents who welcomed Tollyjoy into their lives," Mr Tan said on Monday. "We leave this 55-year journey with a deep sense of appreciation for the many people who have been part of it." CNA has contacted Tollyjoy for more information on its decision to cease operations and the number of employees affected.