The True Fitness and True Yoga chains in Singapore are preparing to cease operations as part of a liquidation process. Parent company Kontafarma China Holdings cited intense market competition and rising customer acquisition costs among the reasons, Channel NewsAsia reports.
Company liquidation
According to Kontafarma’s stock exchange filing, the boards of directors of True Fitness and True Yoga decided that the companies could not continue operating because of their liabilities. Insolvency practitioners Goh Wee Teck and Lin Yueh Hung of RSM SG Corporate Advisory were appointed on an interim basis to handle the matter.
Extraordinary…