(Bloomberg) — An arm of gym chain Physical Beauty & Fitness received a liquidation petition from a major mall operator in the city, following the shuttering of its branches earlier this year.
The wind-up petition against Physical Health Centre (TST) Ltd. was filed by Link Properties Ltd., according to a court document dated Dec. 6, and the first hearing is scheduled for Feb. 19.
Large gym chains in Hong Kong face growing 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. It operated around 19 branches across the city before it closed, according to its website.
In August, Pure Fitness, a…
