For the eight months ended Aug 31, parent company recorded US$2.4 million loss, with total liabilities of HK$429 million
[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. The three brands operate 10 outlets in Singapore.
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.