True Fitness, True Yoga close all outlets; liquidators start winding-up process
For the eight months ended Aug 31, parent company recorded US$2.4 million loss, with total liabilities of HK$429 million
The parent company of Singapore-based fitness chain True Singapore, Kontafarma China Holdings, has announced provisional liquidation of its subsidiaries True Fitness and True Yoga. The loss-making operations have faced increasing competition and rising customer acquisition costs, citing alternative fitness platforms and high operating expenses as key challenges.
All True Singapore outlets, including those in Ang Mo Kio, Novena Square, and Tampines Junction, have ceased operations immediately. Liquidators have been appointed, and staff were informed on September 10. The parent company will propose creditors' voluntary winding-up at an extraordinary general meeting on October 7.
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- True Fitness, True Yoga close all outlets; liquidators start winding-up process businesstimes.com.sg
