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SINGAPORE: Cotton On has clarified that it is not closing stores or exiting Asia following confusion over reports of a company liquidation.

According to The Straits Times, the company said reports suggesting its retail outlets in the region were shutting down were inaccurate and misleading and stressed it has no plans to leave the Asian market.

The clarification followed a Government Gazette notice stating that Cotton On Asia Pte Ltd had been placed under voluntary liquidation.

The company explained that the entity involved was an inactive holding company that had never operated stores or employed staff and was no longer required.

It added that the liquidation has no impact on its customers, employees, stores, suppliers or overall operations in the region, with its retail business in Asia continuing as usual.