Newstead sells Nubox stores to Apple reseller Elush, owner of iStudio and Epicentre

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SINGAPORE: IT retailer Newstead Technologies has agreed to sell its 10 Nubox stores, it said in a statement on Friday (Nov 30).

The homegrown company, which was placed under provisional liquidation last month, said the stores will go to Apple premium reseller Elush (T3) Pte Ltd. Elush operates the iStudio and Epicentre stores.

Nubox is Newstead's authorised reseller for Apple products.

"Both parties are working closely to ensure a smooth transition, which is expected to be completed by January 31, 2019," Newstead said.

Newstead added it is still "business as usual" for all Nubox outlets, and that the company will continue to honour all transactions and service commitments during the transition.

It let about 100 employees go last month. The company had said it was in talks with investors to find a workable solution for all parties involved.

Started in 1998, it operates several stores in shopping malls under the names Newstead, DigitalStyle and @notebook.com.

It was to be the IT anchor tenant for the redeveloped Funan mall which is due to open in the second quarter of 2019.