True Fitness and True Yoga close all Singapore outlets

Singaporean fitness and yoga chains True Fitness and True Yoga have announced the immediate closure of all outlets, initiating a provisional liquidation process. The brands, which include True Fitness, TFX, and Yoga Edition, operate 10 locations across the country.

The parent company, Hong Kong-listed Kontafarma China Holdings, cited fierce competition and rising customer acquisition costs as contributing factors. Financial filings reveal the Singapore operations have been loss-making; for the eight months ending August 31, the group recorded a loss of HK$19.1 million (US$2.4 million) with total liabilities of HK$429.3 million.

The sudden shutdown has caused significant distress among members and employees. Local celebrities and long-term members expressed shock at the abruptness of the closure, noting that facilities appeared busy shortly before the announcement. Members face uncertainty regarding refunds, as liquidation processes typically prioritize employee wages and debt settlement over member reimbursements.