Business · Singapore Bureau
True Fitness, True Yoga to close as parent firm faces massive losses
The True Singapore Group is shutting down its fitness and yoga operations after accumulating losses and net liabilities exceeding HK$400 million (S$64 million). The closures mark a significant pullback for the regional wellness operator.
LSN Singapore ·
True Singapore Group has announced the closure of its True Fitness and True Yoga brands, citing severe financial strain as the primary driver behind the decision. The company has recorded substantial losses and net liabilities surpassing HK$400 million (S$64 million), prompting management to reassess its operational footprint across the region.
The fitness and wellness sector in Southeast Asia has faced considerable headwinds in recent years, with operators grappling with rising operating costs, changing consumer preferences, and intensified competition from boutique fitness studios and digital fitness platforms. The True Singapore Group's decision reflects broader challenges affecting the leisure and wellness industry in the region.
The closures will affect members and staff across the group's facilities, though the company has not yet disclosed the precise timeline for winding down operations or the number of locations affected. The announcement underscores the financial pressures facing established fitness operators in a increasingly crowded market.
True Singapore Group's move represents a significant retreat for one of the region's established wellness operators. The group's financial difficulties highlight the challenges facing mid-sized fitness chains in competing with both low-cost gym operators and premium boutique studios that have proliferated across major Asian cities in recent years.