True Fitness, True Yoga close all outlets; liquidators start winding-up process

Fitness chain True Singapore has announced the provisional liquidation of its subsidiaries True Fitness and True Yoga, due to intense competition and escalating customer acquisition costs. The liquidation process commenced with the appointment of provisional liquidators, Goh Wee Teck and Lin Yueh Hung, from RSM SG Corporate Advisory.

All True Fitness outlets in Singapore, including locations at Djitsun Mall, Velocity@Novena Square, and Income@Tampines Junction, have ceased operations immediately. Notices have been placed outside the branches to inform members of the sudden closure. The parent company, Hong Kong-listed Kontafarma China Holdings, reported a loss of HK$2.4 million (US$2.4 million) for the eight months ending Aug 31 this year, with total liabilities of HK$429 million.

This financial year has been particularly challenging for the parent company, which reported a loss of HK$19.1 million (US$2.4 million) for the same period. Long-standing issues such as high operating costs, rising prices, and the emergence of alternative fitness platforms have contributed to the parent company's decision to liquidate its Singapore businesses.

The liquidation process will be formally initiated at an extraordinary general meeting on Oct 7, where creditors' voluntary winding-up will be proposed.