Tollyjoy closure not driven by financial considerations, says CEO

SINGAPORE – Homegrown brand Tollyjoy has said that its decision to wind down operations was not prompted by financial considerations, but did not reveal specific reasons behind its closure.

Tollyjoy, which specialises in baby-and-mothercare products, announced in a social media post on Sept 15 that it was “winding down its brand” after 55 years.

In a media statement released on Sept 21, Tollyjoy’s chief executive officer Tan Wee Keng said the company came to the decision after careful deliberation regarding its future direction.

“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,” he said.

“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,” he added.

The company did not state what specific factors prompted the closure. It also did not provide an official timeline for the shutdown or detail what lies ahead for its employees.

When asked by The Straits Times for further details, Tollyjoy referred the publication back to its media statement.

Tan noted that as the business winds down, Tollyjoy’s immediate focus will be on managing an orderly closure, including ensuring the welfare of its team welfare and managing remaining inventory.

Founded in 1971, Tollyjoy manufactures and markets products under the Tollyjoy and Little Precious brands. Its products include milk bottles, baby-related cleaning products and gifts.