Singapore’s True Fitness, True Yoga to shut down amid fierce competition, mounting liabilities; members report S$609,000 losses

True Fitness and True Yoga in Singapore are closing after their Hong Kong parent company cited mounting liabilities and market competition.

Over S$609,000 in losses have been reported by members due to unused services, prompting 241 complaints to Singapore's consumer rights watchdog.

Employees were informed of the abrupt closure via email, and the company's significant financial losses are attributed to intense competition and operational challenges.

SINGAPORE, Sept 12 — Fitness and yoga chains True Fitness and True Yoga are shutting down in Singapore after their Hong Kong parent company said the businesses could no longer continue because of their liabilities.

The Straits Times reported that Kontafarma China Holdings announced on September 10 that the directors of True Fitness and True Yoga had resolved to wind up the businesses, citing mounting liabilities and intense market competition.

Singapore’s consumer rights watchdog Consumers Association of Singapore (CASE) said members of the two chains had reported more than S$609,000 (RM1.96 million) in losses from unused memberships, packages and services.

CASE president Melvin Yong said in a Facebook post on September 11 that the agency had received 241 complaints by 6pm, up from 28 complaints earlier that day.

“CASE has reached out to the provisional liquidator and will continue to seek clarification on the arrangements for affected consumers, including information required for consumers to lodge their claims,” he said.

Two employees told ST they were informed of the sudden closure by email at about 10.30pm on September 10, roughly an hour before the outlets were due to shut.

The email from the company’s human resources department said: “all outlets will be closed effective immediately and are not to be opened tomorrow (September 11)”.

The True Singapore Group, which operates True Fitness, True Yoga, TFX and Yoga Edition, said all outlets under the brands would close as part of the winding-up process, with the group reporting a loss of HK$34.3 million on revenue of HK$181.2 million in 2025.

Its unaudited accounts for the eight months to August 31 this year showed revenue of HK$118.4 million and a loss of HK$19.1 million, while liabilities stood at HK$633.8 million against assets of HK$204.5 million, leaving net liabilities of HK$429.3 million.

Kontafarma said the group was facing unprecedented challenges from competition posed by boutique gyms, fitness apps and online coaching, while more residential developments were offering gym facilities to residents.

“While the best endeavours have been made to control costs and optimise operational efficiency of the fitness business in Singapore, the fitness business has found it extremely difficult to continue amid the fiercely challenging market,” it said.

Insolvency practitioners Goh Wee Teck and Lin Yueh Hung of RSM SG Corporate Advisory have been appointed provisional liquidators, while creditors’ voluntary winding-up proposals for True Fitness and True Yoga will be considered at extraordinary general meetings on October 7.

As at September 11, the Accounting and Corporate Regulatory Authority’s BizFile records showed both companies as being in liquidation, while several outlets had been shuttered with liquidation or repossession notices posted at their entrances.

ST reported that a member who had paid S$79 for a monthly gym membership on September 9, just a day before the closure announcement, said she was shocked by the sudden shutdown, while the company’s former employees were also seeking clarity over outstanding September salaries.

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新加坡的 True Fitness 和 True Yoga 因香港母公司提出的债务不断增加和市场竞争等原因而关闭。

会员反映，由于未使用服务，损失超过 609,000 新元，这引发了 241 起向新加坡消费者权益监管机构的投诉。

公司通过电子邮件通知员工公司突然关闭的消息，公司遭受的重大财务损失归因于激烈的竞争和运营挑战。

新加坡，9 月 12 日——健身和瑜伽连锁店 True Fitness 和 True Yoga 在香港母公司表示由于负债累累，无法继续经营后，将在新加坡关闭。

《海峡时报》报道称，康泰制药中国控股有限公司于9月10日宣布，旗下True Fitness和True Yoga的董事已决定解散这两家公司，理由是负债不断增加和市场竞争激烈。

新加坡消费者权益监督机构新加坡消费者协会（CASE）表示，这两家连锁店的会员报告称，因未使用的会员资格、套餐和服务而造成的损失超过 60.9 万新元（196 万令吉）。

CASE总裁Melvin Yong在9月11日的Facebook帖子中表示，截至下午6点，该机构已收到241起投诉，而当天早些时候的投诉量为28起。

“CASE已与临时清算人取得联系，并将继续寻求对受影响消费者的安排进行澄清，包括消费者提出索赔所需的信息，”他说。

两名员工告诉《海峡时报》，他们在 9 月 10 日晚上 10 点 30 分左右收到电子邮件通知，得知商店即将突然关闭，这比商店原定关门时间提前了大约一个小时。

公司人力资源部的电子邮件称：“所有门店将立即关闭，明天（9月11日）将不营业。”

经营 True Fitness、True Yoga、TFX 和 Yoga Edition 的 True Singapore 集团表示，作为清算程序的一部分，旗下所有门店都将关闭。该集团预计 2025 年收入为 1.812 亿港元，亏损 3430 万港元。

截至今年8月31日的八个月未经审计的账目显示，该公司收入为1.184亿港元，亏损1910万港元，负债为6.338亿港元，资产为2.045亿港元，净负债为4.293亿港元。

Kontafarma表示，该集团正面临来自精品健身房、健身应用程序和在线教练的前所未有的竞争挑战，同时越来越多的住宅开发项目也为居民提供健身设施。

报告称：“尽管新加坡健身行业已尽最大努力控制成本并优化运营效率，但在竞争异常激烈的市场环境下，健身行业仍然难以继续生存。”

RSM SG Corporate Advisory 的破产从业人员 Goh Wee Teck 和 Lin Yueh Hung 已被委任为临时清算人，而债权人对 True Fitness 和 True Yoga 的自愿清盘建议将于 10 月 7 日在特别股东大会上进行审议。

截至 9 月 11 日，会计和企业监管局的 BizFile 记录显示，这两家公司均已进入清算程序，多家门店已关闭，并在入口处张贴了清算或收回通知。

《海峡时报》报道称，一位在9月9日（也就是健身房宣布关闭的前一天）支付了79新元月费的会员表示，她对健身房的突然关闭感到震惊，而该公司的前员工也在寻求澄清9月份未支付的工资。

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