Metrojaya, a well-known Malaysian retailer, has cleared that the liquidation of its wholly-owned subsidiaries MDS and EIC was to simplify the structure of parent Malayan United Industries Bhd (MUIB) and to reduce unnecessary costs.
The company accepted that there has been some confusion over the winding-up news of two of its dormant subsidiaries, Metrojaya Department Stores SdnBhd (MDS) and East India Company Clothing (Malaysia) SdnBhd (EIC).
While substantiating on the same, the retailer said in a statement “We would like to clear that it is still business as usual for its Metrojaya and East India Company brands.”
It operates a chain of eight department stores and over 100 specialty stores, which occupy over one million square feet of floor space. Its wide repertoire of brands includes East India Company, Passages, Zona, Laura Ashley, Somerset Bay, Living Quarters, Cape Cod, Emanuelle and Louis Quatorz.
EIC Malaysia is the wholly-owned subsidiary of MUIB and it was said that earlier EIC had announced to wind up.
Notably, there was a time when the company used to buy everything for US $ 1 dollar from India.