(Bloomberg) — Hong Kong gym chain Physical Beauty & Fitness Holdings Ltd. received a liquidation order in Hong Kong after the judge said the company is insolvent.
The company’s assets, mainly gym and beauty equipment after adjustments, are worth just over HK$15 million ($1.9 million), Judge Linda Chan said at a court hearing on Monday. That isn’t enough to pay the petitioning creditors, she said.
Large gym chains in Hong Kong face pressure from high rental costs, competition from smaller rivals and a sluggish economy. Physical announced in September that it would shut down after more than 30 years in business, local media reported.
The judge approved two winding-up petitions, one against Physical Beauty & Fitness Holdings and…
