"Through the years, we have had the privilege of growing alongside generations of families, creating memories that we will always treasure," Tollyjoy said in a Facebook post dated Sept. 15. "It is with grateful hearts that Tollyjoy shares that we will soon be taking our final bow and winding down the brand."

The brand added that its products were still available at its retail partners at "special farewell prices" while stocks last. It did not disclose any reason for the closure.

Products under the Tollyjoy brand. Photo from Facebook/Tollyjoy Singapore

Tollyjoy was founded in 1971 as a family business and was later helmed by second-generation chief executive Tan Wee Keng, who stepped into the role in the early 2000s to honor a promise to his father while his older brothers chose to pursue other interests, according to an interview posted by the Singapore Management University in 2018.

Tan helped stabilize the business, which was grappling with sales in the early 2000s, and expand its presence in Asia.

He said in the same interview that he did not want to force his own children into following the same path, and that he was open to any option, including a public listing, outside investment or a management buyout, as long as the business could continue.