Diners saddened but unsurprised by Crystal Jade outlet closures; affected workers secure interviews

The Crystal Jade Hong Kong Kitchen outlet at Suntec City, which closed in July.

ST PHOTO: LIM YAOHUI

Published Oct 08, 2026, 08:55 PM

Updated Oct 09, 2026, 05:49 AM

- Crystal Jade has closed four more Singapore outlets, after three shut last month, leaving diners sad but not surprised amid higher costs and strong competition.

- About 120 workers received termination notices, and on-site job interviews were held by Paris Baguette, Neo Group Bakery and Din Tai Fung through union support.

- Kroll says no more Singapore closures are expected, while the closures form part of a restructuring and proposed sale as L Capital Asia exits Crystal Jade.

SINGAPORE – For generations of local diners, Crystal Jade has been a familiar choice for everything from casual dim sum meals to family celebrations.

So news that the home-grown restaurant group was closing four more outlets after three were shuttered in September came as a disappointment – but not much of a surprise to some.

Mr Derek Wong, a 35-year-old writer, said he saw the closure coming because “it seems like a really tough period for local F&B brands”, citing competition from overseas food and beverage brands, and increasing rental and ingredient costs.

Wong , who has two sons , said he would usually go to Crystal Jade restaurants for bigger family gatherings.

He recalled enjoying the xiao long bao buffet at the Holland Village outlet with his army friends, where they ate until “there was a tall stack of steamer baskets when we were done”.

“We are sad because it means fewer options, but also because Crystal Jade is a home-grown institution. They provide a wide range of offerings, from casual to more fine-dining experiences.”

Wong said he and his family may still go to the Takashimaya outlet for special occasions, or to alternatives such as Canton Paradise , which has an outlet at Bedok Mall near his home .

At the Crystal Jade Palace outlet in Takashimaya, a couple in their 60s who were lunching with their daughter said they were not surprised to hear more outlets had closed.

They said they like the service at the Takashimaya restaurant, with the man adding that he appreciates that the “servers speak to you in Cantonese”.

The couple, who declined to give their names, said they dine at Crystal Jade Palace about three or four times a year, and also go “dim sum hopping” at other restaurants. They added that eating out has become more expensive.

The restaurant was about one-third full when The Straits Times visited around 12.30pm on Oct 8, though it quickly filled up within an hour.

Staff at the Crystal Jade Palace outlet at Takashimaya and Crystal Jade Golden Palace outlet at Paragon declined to speak to ST, directing queries to the group’s marketing team instead.

The Crystal Jade Palace outlet at Takashimaya on Sept 30. ST PHOTO: HESTER TAN

The Crystal Jade Palace outlet at Takashimaya on Sept 30.

ST PHOTO: HESTER TAN

When contacted, Crystal Jade said ST’s questions would be forwarded to advisory firm Kroll, whose representatives were appointed as receivers over Singapore-incorporated Crystal Jade Culinary Concepts Holding and Hong Kong-incorporated Crystal Jade Culinary Concepts Holding (Great China) on Sept 30.

On Oct 7, Kroll representatives announced that Crystal Jade had closed four outlets in Singapore and issued termination notices to about 120 workers as part of a restructuring ahead of a proposed sale of the business.

The four outlets – Crystal Jade La Mian Xiao Long Bao restaurants at Bugis Junction, Toa Payoh and i12 Katong, as well as Crystal Jade GO at Oasis Terraces in Punggol – ceased operations on Oct 6.

On Oct 7, representatives from Paris Baguette, Neo Group Bakery and Din Tai Fung conducted job interviews for affected workers at Crystal Jade’s headquarters in Lorong Chuan.

A Paris Baguette human resources representative said they had shortlisted seven of the 15 workers they spoke to for a follow-up interview. Three workers will attend the interview at the Paris Baguette regional headquarters on Oct 9.

The three companies were among 86 employer partners that the Food, Drinks and Allied Workers Union (FDAWU) and the National Trades Union Congress’ e2i worked with to offer more than 400 job opportunities in food manufacturing, food services, hospitality, wholesale and retail.

Other employer partners include Raffles Hotel Singapore and Sheng Siong Group.

Kroll and Crystal Jade have been engaging FDAWU and other associations since Sept 30 to support affected employees.

The Food, Drinks and Allied Workers Union and NTUC’s e2i helped connect retrenched Crystal Jade workers with three companies for job interviews. PHOTO: FOOD, DRINKS AND ALLIED WORKERS UNION

The Food, Drinks and Allied Workers Union and NTUC’s e2i helped connect retrenched Crystal Jade workers with three companies for job interviews.

PHOTO: FOOD, DRINKS AND ALLIED WORKERS UNION

FDAWU general secretary Sankaradass S. Chami said the on-site interviews were an important first touchpoint between affected workers and potential employers.

“We are encouraged that some workers have progressed to subsequent rounds of interviews with the potential employers,” he said.

A spokesperson for BreadTalk Group, which operates the Din Tai Fung franchise, said the restaurant business is exploring employment opportunities with the affected employees, but as discussions are ongoing, it is “unable to provide a number” on any job offers made.

Crystal Jade also shuttered its Hong Kong Kitchen branches at The Clementi Mall, Jurong Point and Great World in September.

It closed its Suntec City outlet earlier in the year , along with the La Mian Xiao Long Bao outlet at Hillion Mall.

In June 2025, it closed its La Mian Xiao Long Bao outlet at Holland Village after 20 years of operation.

Crystal Jade now has nine operating outlets in Singapore and a workforce of about 210. Kroll said it does not expect further outlet closures here.

Crystal Jade’s current shareholders include entities by Affirma Capital and L Capital Asia, which is the Asian private equity arm backed by luxury conglomerate LVMH and is now known as L Catterton Asia after a merger with US private equity firm Catterton.

ST understands that the receivership is part of a process to facilitate L Capital Asia’s eventual exit from Crystal Jade, though it is unclear why receivership was chosen as part of the exit process.

When contacted, Kroll declined to share how its receivership appointment came about.

Based on Accounting and Corporate Regulatory Authority filings obtained by ST on Sept 18, Standard Chartered Bank (Hong Kong) registered multiple charges for all monies in 2023 and 2024 for Crystal Jade Group Holdings, Crystal Jade Culinary Concepts Holding and Crystal Jade Fine Dining.

A charge is a form of security interest that a company grants a lender or creditor over its assets to secure a loan.

The lender or creditor has a right to seize or sell the asset to recover the money owed, should the company fail to repay the debt.

A charge can only be registered by a creditor, and can only be deregistered when the debt has been paid, or the asset has been released.

When contacted about the charges and asked if Standard Chartered Bank (Hong Kong) had appointed Kroll for receivership over the companies, a Standard Chartered Bank representative from Singapore said on Oct 5 that the bank “has exited its exposure to the Crystal Jade group and has no ongoing involvement”, and said it was “not in a position to comment”.

The bank representative also declined to provide more information on the year it exited its exposure.

Affirma Capital began operating in 2002 as the internal private equity arm of Standard Chartered Bank, and was spun out into an independent firm in 2019.

A December 2018 media release from Standard Chartered said it sold the majority of its private equity investment portfolio to ICG Strategic Equity, which is part of Intermediate Capital Group Plc (ICG).

That transaction was underpinned by a management buyout by Affirma Capital, which at the time was owned and operated by members of the management team of Standard Chartered Private Equity (SCPE). The release stated the members would manage the portfolio and investment activities going forward.

Alyssa Woo is a business correspondent at The Straits Times. She writes about how retail and work spaces are used and evolve with the times, as well as personal finance stories for the Invest section.

Sharon Salim is a business correspondent at The Straits Times, with a focus on jobs, workplace culture and trends.

Food and beverage sector

Restaurants/Eateries

位于新达城的翡翠香港厨房分店已于7月关闭。

ST 照片：林耀辉

发布于 2026 年 10 月 8 日晚上 8:55

更新于2026年10月9日 上午5:49

- 继上个月关闭三家分店后，翡翠餐厅又关闭了四家新加坡分店，这让食客们感到难过，但考虑到成本上涨和激烈的竞争，他们并不感到意外。

- 约 120 名工人收到了解雇通知，巴黎贝甜、新集团面包店和鼎泰丰在工会的支持下进行了现场工作面试。

- Kroll 表示预计不会再有新加坡的门店关闭，而此次关闭是 L Capital Asia 退出 Crystal Jade 后重组和拟议出售计划的一部分。

新加坡——对于几代本地食客来说，翡翠餐厅一直是他们从休闲点心到家庭聚会等各种场合的首选。

因此，这家本土餐饮集团继 9 月份关闭三家门店后，又将关闭四家门店的消息令人失望——但对某些人来说，这并不令人意外。

35岁的作家黄德瑞先生表示，他预料到这家店会关门，因为“对于本地餐饮品牌来说，这似乎是一个非常艰难的时期”，他列举了来自海外餐饮品牌的竞争，以及不断上涨的租金和原料成本。

黄先生有两个儿子，他说他通常会在家庭聚会时去翡翠餐厅。

他回忆起和军队里的朋友们在荷兰村分店享用小笼包自助餐的情景，他们一直吃到“吃完时，笼子里堆起了一高高的蒸笼”。

“我们感到难过，因为这意味着选择变少了，也因为翡翠餐厅是一家本土老字号。他们提供各种各样的餐饮选择，从休闲餐饮到更精致的餐饮体验应有尽有。”

黄先生表示，他和家人可能还是会在特殊场合去高岛屋超市购物，或者去其他超市，比如在他家附近的勿洛购物中心有一家分店的 Canton Paradise。

在高岛屋的翡翠宫餐厅，一对六十多岁的夫妇和他们的女儿正在吃午饭，他们表示，听到更多分店关闭的消息，他们并不感到惊讶。

他们表示很喜欢高岛屋餐厅的服务，其中一位男士还补充说，他很欣赏“服务员用粤语和你交谈”。

这对不愿透露姓名的夫妇表示，他们每年大约会去翡翠宫用餐三四次，也会去其他餐厅“吃点心”。他们还补充说，外出就餐的成本越来越高了。

《海峡时报》记者于 10 月 8 日下午 12 点 30 分左右到访时，餐厅大约坐满了三分之一，但一个小时内就迅速客满了。

高岛屋的翡翠宫和百利宫的翡翠金宫的员工拒绝接受《​​海峡时报》的采访，而是将询问转给了该集团的营销团队。

9月30日，高岛屋的翡翠宫分店。（海峡时报摄影：陈慧珊）

9月30日，高岛屋的翡翠宫门店开业。

圣路易斯邮报照片：海丝特·谭

记者联系翡翠餐饮集团时，该集团表示，《海峡时报》的问题将转交给咨询公司 Kroll，该公司代表于 9 月 30 日被任命为新加坡注册成立的翡翠餐饮概念控股有限公司和香港注册成立的翡翠餐饮概念控股有限公司（大中华区）的接管人。

10 月 7 日，Kroll 代表宣布，翡翠酒店集团已关闭其在新加坡的四家门店，并向约 120 名员工发出解雇通知，这是为拟议出售该业务而进行的重组的一部分。

这四家分店——位于武吉士购物中心、大巴窑和加东 i12 的翡翠拉面小笼包餐厅，以及位于榜鹅绿洲露台的翡翠 GO——于 10 月 6 日停止营业。

10 月 7 日，巴黎贝甜、新集团面包坊和鼎泰丰的代表在翡翠大厦罗弄川总部为受影响的工人进行了工作面试。

巴黎贝甜的一位人力资源代表表示，他们已从面试的15名员工中选出7人进入下一轮面试。其中3名员工将于10月9日前往巴黎贝甜地区总部参加面试。

这三家公司是食品、饮料及相关行业工人联合会 (FDAWU) 和全国工会大会的 e2i 合作的 86 家雇主合作伙伴之一，旨在提供 400 多个食品制造、食品服务、酒店、批发和零售方面的就业机会。

其他合作雇主包括新加坡莱佛士酒店和昇菘集团。

自 9 月 30 日以来，Kroll 和 Crystal Jade 一直与 FDAWU 和其他协会合作，为受影响的员工提供支持。

食品饮料及相关行业工会和全国职工总会的e2i项目帮助翡翠餐饮集团的裁员员工联系了三家公司，安排他们参加面试。图片：食品饮料及相关行业工会

食品、饮料及相关行业工会和全国职工总会的 e2i 计划帮助被裁的翡翠酒家员工与三家公司进行了求职面试。

照片：食品、饮料及相关行业工会

FDAWU秘书长Sankaradass S. Chami表示，现场面试是受影响工人与潜在雇主之间重要的首次接触点。

他说：“我们感到欣慰的是，一些求职者已经进入了与潜在雇主的后续面试环节。”

经营鼎泰丰特许经营权的面包新语集团发言人表示，餐饮企业正在与受影响的员工探讨就业机会，但由于讨论仍在进行中，目前“无法提供”任何已发出的工作邀请的具体人数。

翡翠餐饮集团也于9月关闭了位于金文泰购物中心、裕廊坊和伟乐坊的香港厨房分店。

今年早些时候，该公司关闭了位于新达城的门店，以及位于Hillion Mall的拉面小笼包门店。

2025 年 6 月，这家拉面小笼包店在荷兰村经营了 20 年后关门歇业。

翡翠餐饮集团目前在新加坡拥有九家运营门店，员工约210人。Kroll表示，预计不会再有门店关闭。

翡翠目前的股东包括 Affirma Capital 和 L Capital Asia 等实体，L Capital Asia 是奢侈品集团 LVMH 支持的亚洲私募股权部门，在与美国私募股权公司 Catterton 合并后，现在被称为 L Catterton Asia。

ST 了解到，接管是 L Capital Asia 最终退出翡翠集团流程的一部分，但目前尚不清楚为什么选择接管作为退出流程的一部分。

当被问及此事时，Kroll 拒绝透露其被接管的缘由。

根据《海峡时报》9月18日获得的会计与企业管制局文件，渣打银行（香港）为翡翠集团控股有限公司、翡翠餐饮概念控股有限公司和翡翠高级餐饮有限公司在2023年和2024年登记了多项款项抵押。

抵押是一种担保权益，公司为了担保贷款，将其资产抵押给贷款人或债权人。

如果公司未能偿还债务，贷款人或债权人有权扣押或出售资产以收回所欠款项。

只有债权人才能登记抵押权，只有在债务偿清或资产解除抵押后才能注销抵押权。

当被问及相关指控以及渣打银行（香港）是否已委任 Kroll 接管这些公司时，渣打银行新加坡分行的一名代表于 10 月 5 日表示，该银行“已退出对翡翠集团的投资，目前没有继续参与其中”，并表示“不便置评”。

该银行代表也拒绝提供有关其退出该项投资的具体年份的更多信息。

Affirma Capital 于 2002 年开始运营，是渣打银行的内部私募股权部门，并于 2019 年分拆成为一家独立公司。

渣打银行在 2018 年 12 月发布的新闻稿中表示，它已将其大部分私募股权投资组合出售给 ICG Strategic Equity，后者是 Intermediate Capital Group Plc (ICG) 的一部分。

该交易由Affirma Capital的管理层收购促成，Affirma Capital当时由渣打私募股权基金（SCPE）管理团队成员所有并运营。公告称，这些成员将继续管理投资组合和投资活动。

Alyssa Woo是《海峡时报》的商业记者。她撰写有关零售和办公空间如何随着时代发展而演变的文章，也为投资版块撰写个人理财方面的文章。

Sharon Salim 是《海峡时报》的商业记者，主要关注就业、职场文化和趋势。

食品饮料行业

餐厅/餐馆