Fitness chains tout incentives to lure members affected by True Fitness, True Yoga closures
Fitness chains in Singapore are offering incentives to attract members displaced by the sudden closure of True Fitness and True Yoga. The closures were triggered by financial pressures on the parent company, Kontafarma, leaving many customers without refunds.
Why it matters
The incident highlights the risks of long-term gym memberships and the economic impact of sudden business failures on consumers and employees.
True Fitness and True Yoga, as well as affiliated fitness brands TFX and Yoga Edition, ceased operations in Singapore after their Hong Kong parent company Kontafarma declared on Sept 10 that it was winding up the businesses.
Listen Summarise Rival fitness chains in Singapore offer incentives like fee waivers and free classes to attract members affected by the sudden closure of True Fitness, True Yoga, TFX, and Yoga Edition. True Group's parent company Kontafarma shut down these brands due to market competition and cost pressures, leaving customers uncertain about refunds and causing reported losses over $609,000. The Singapore Fitness Alliance and partners are assisting over 200 displaced True Group employees and freelancers to find new jobs amid the closures. AI generated
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