True Fitness, True Yoga to shutter; parent company cites financial strain, losses
The True Singapore Group has recorded losses and net liabilities exceeding HK$400 million (S$64 million).
Singapore-based True Fitness and True Yoga are closing their doors, as their parent company, Kontafarma China Holdings, announces the group's financial troubles. The Accounting and Corporate Regulatory Authority's records indicate that both companies are now in "creditors voluntary winding up" status. Kontafarma announced that provisional liquidators have been appointed for the Singapore-based fitness and yoga centres, and extraordinary general meetings and creditors' meetings are scheduled for October.
The True Singapore Group, which includes True Fitness and True Yoga, aimed to shutter these loss-making but materially significant businesses. The company has been grappling with significant financial strain, reporting substantial losses and net liabilities surpassing HK$400 million (S$64 million), despite still generating considerable revenue.
With the termination of Taiwan's franchise operations, Kontafarma's decision to liquidate the Singapore fitness business highlights the company's retreat from its regional fitness presence and implies a restructuring that will lessen ongoing losses but also cut down future revenue and market presence.
Written by urgent.news from Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
