what happened to flash coffee

Flash Coffee, a grab-and-go coffee chain backed by Delivery Hero SE, has closed all its 11 stores in Singapore to cut costs and focus on its most promising markets. The company filed a notice with local regulators, saying it’s unable to continue operating because of its liabilities and has been placed under provisional liquidation. Flash Coffee has about 200 stores globally and is not unionized in Singapore. The company has been downsizing its operations in other markets as well, mere months after closing a $50-million Series B round in July this year. Flash Coffee’s service, as a form of discretionary spending, was particularly vulnerable to the downturn in consumer sentiment and rising rents in Singapore. The company has stated that it remains committed to scaling its business and serving high-quality coffee across Asia and other markets in the medium term.