True Fitness and True Yoga to Close All Singapore Outlets
Popular fitness and yoga chain, True Fitness and True Yoga, has announced that it will be closing all of its operations in Singapore. The decision comes after the company faced intense competition in the local wellness market and struggled with increasing financial debts.
Many gym members are now expressing concern over their prepaid memberships and packages. Reports indicate that customers have already filed complaints regarding losses totaling approximately S$609,000. These members are worried about whether they will receive refunds for the services they paid for but can no longer use.
Industry experts suggest that the fitness sector in Singapore has become very crowded in recent years. With many new low-cost gyms and boutique studios opening, established chains have found it difficult to maintain their profit margins while managing high rental and operational costs.
As the company prepares to shut down, affected members are advised to monitor official updates regarding the liquidation process. Consumer protection agencies are currently looking into the situation to help those who have lost money due to the sudden closure.