Singapore fitness chains face 3,300 creditor claims after closure
Liquidators handling the collapse of True Yoga and True Fitness in Singapore have received claims from around 3,300 creditors following the sudden closure of all their outlets last month.
Three thousand and thirty creditor claims have emerged against the True Yoga and True Fitness fitness chains following their abrupt closure in Singapore. The liquidators appointed by the companies have been tasked with managing the orderly administration of the companies' affairs and recovering assets. The liquidators will work closely with a Committee of Inspection, which can consist of up to five members representing various stakeholder interests.
True Yoga and True Fitness were part of the True Singapore Group, which also operated TFX and Yoga Edition centers in the city-state. The group unexpectedly shut down all seven outlets on September 10, notifying employees and members just an hour before the closures took effect. Many employees and members were greeted with locked doors and repossession notices when they returned on September 11.
The Consumers Association of Singapore received hundreds of complaints from members, with losses from unused memberships, packages, and services totaling more than SGD609,000 (US$476,000). The True Singapore Group had been facing mounting financial challenges, with losses and net liabilities despite generating significant revenue. As of August, the group owed Kontafarma China Holdings HKD309.7 million (US$39.5 million).
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