True Fitness, True Yoga to close all Singapore outlets: 'Increasingly fierce market competition'
True Fitness and True Yoga are closing all its Singapore outlets after being placed under provisional liquidation.Their parent company, Kontafarma China Holdings, declared in a bourse listing that the personal fitness chains are unable to continue business due to liabilities.Checks by AsiaOne on the Accounting and Corporate Regulatory Authority's BizFile records on Friday (Sept 11) show that True Fitness Pte. Ltd. and True Yoga Pte. Ltd. are both "in liquidation" with "creditors voluntary winding up". The bourse listing on HKEX, dated Sept 10, stated that the True Singapore Group faced challenges, including "increasingly fierce market competition and rising costs in attracting customers".It singled out factors including the increasing popularity of boutique gyms, condominium gym facilities and online fitness options, as obstacles to the business.'Significant liquidity pressure'Kontafarma said the Singapore business "continued to underperform and face significant liquidity pressure" despite receiving additional cash funding.