Tech-enabled coffee chain, Flash Coffee has abruptly withdrawn from several markets which include Taiwan, Thailand and Singapore, 3 years after it raised funding to rapidly expand its presence overseas.
In Singapore, it closed its 11 remaining stores explaining that ‘to build a profitable and sustainable business, it decided to further consolidate its future efforts on its most promising markets’. This translates to complete closure and liquidation of Flash Coffee business in Singapore.
In Thailand, Singapore-based Turn Capital has acquired Flash Coffee business which comprises more than 46 stores, and has reiterated its plan to continue expanding in the country. In Taiwan, Flash Coffee has declared bankruptcy due to operational difficulties and challenges in paying its debt up to the tune of NT$120 million (US$3.84 million).
