True Fitness and True Yoga to shutter; customers report losses of more than $63,000

SINGAPORE – True Fitness and True Yoga in Singapore are undergoing liquidation and set to close, with their parent company Kontafarma China Holdings declaring that they cannot continue business owing to liabilities.

The Accounting and Corporate Regulatory Authority’s BizFile records as at Sept 11 lists both True Fitness’ and True Yoga’s statuses as “in liquidation – creditors voluntary winding up”.

Kontafarma China Holdings said in a bourse listing that provisional liquidators have been appointed, with extraordinary general meetings and creditors’ meetings scheduled in October.

“The True Singapore Group’s fitness and yoga centres in Singapore are intended to be closed as part of the process, removing a loss-making yet materially significant business segment from the group’s operations,” it said.

The company said that the True Singapore Group has been under mounting financial strain, recording substantial losses and net liabilities exceeding HK$400 million (S$64 million), even as it continued to generate notable revenue.

“With the Group’s Singapore fitness business facing increasingly challenging conditions after the cessation of the Taiwan franchise operations, the liquidation underscores the company’s retreat from its regional fitness footprint and signals a restructuring that may reduce ongoing losses but also curtail future revenue and presence in the competitive fitness market,” it added.