[SINGAPORE] The parent company of fitness chain True Singapore has announced that it will begin provisional liquidation of its subsidiaries True Fitness and True Yoga, citing fierce competition and rising customer acquisition costs.
True Fitness and True Yoga – the Singapore companies behind the gym True Fitness, TFX and Yoga Edition brands – have begun a winding-up process.
In an email to True employees on Thursday (Sep 10) night and seen by The Business Times, the company’s human resources department said that provisional liquidators have already been appointed.
All staff were informed to report to the company’s office at Claymore Hill on Friday afternoon where the liquidators will explain the next steps.
All of the outlets have…