True Fitness and True Yoga have abruptly closed their Singapore operations, leaving employees without jobs and some members wondering what will happen to prepaid memberships and training packages.
The closures affect 10 fitness and yoga centres operating under the True Fitness, TFX and Yoga Edition brands.
The companies’ directors decided on Thursday, 10 September, that the businesses could no longer continue operating given their liabilities. Provisional liquidators from RSM SG Corporate Advisory were appointed as part of the winding-up process.
By Friday, the Consumers Association of Singapore (CASE) had received 28 complaints from affected members. The consumers reported more than S$63,000 in losses involving unused memberships, packages and other services.
Staff and Members Found Out at Short Notice
The shutdown appears to have come with very little warning for many employees.
CNA reported that staff began receiving messages after 10pm on Thursday telling them to return to their respective gyms and collect their belongings because the outlets were closing. Another message informing them about the liquidation came in the early hours of Friday.
More than 50 employees later gathered at True Group’s headquarters at Claymore Hill.
At a meeting there, the provisional liquidators gave employees termination notices taking effect immediately and information on how they could submit claims for unpaid wages.
Some customers also turned up at the closed outlets on Friday after learning about the shutdown.
At Great World, CNA found the gym closed and a notice stating that the landlord had taken back the premises and forfeited the tenancy. At Millenia Walk, a closure notice provided contact details for the provisional liquidators.
Singapore Business Had Far More Liabilities Than Assets
True Fitness and True Yoga’s Hong Kong-listed parent company, Kontafarma China Holdings, disclosed the companies’ financial position in an announcement to the Hong Kong Stock Exchange.
As at 31 August 2026, the Singapore fitness business had about HK$204.5 million in assets but HK$633.8 million in liabilities, leaving it with net liabilities of roughly HK$429.3 million.
For the first eight months of 2026, it recorded revenue of around HK$118.4 million and a loss of about HK$19.1 million.
Kontafarma said its Singapore fitness operations had continued to struggle despite receiving financial support from the parent company.
It pointed to stronger competition from boutique gyms, fitness facilities in condominiums and residential developments, as well as online workouts, apps and virtual coaching. Rising costs of attracting customers and high operating expenses also added pressure.
Extraordinary general meetings for True Fitness and True Yoga are scheduled for 7 October. Creditors’ voluntary winding-up will be proposed at those meetings, followed by meetings with creditors.
In simple terms, the process involves liquidators taking control of the companies and winding down their affairs under Singapore’s insolvency laws, with creditors involved in the process.
What Happens to Unused Memberships and Packages?
CASE said it has contacted the provisional liquidators and is seeking details about the arrangements for affected consumers, including what information members will need when submitting claims.
Consumers with unused True Fitness or True Yoga memberships or prepaid packages can approach CASE for assistance.
As of CASE’s statement on 11 September, there was no confirmed amount that affected members would be able to recover.
