Singapore’s True Fitness, True Yoga to shut down amid fierce competition, mounting liabilities; members report S$609,000 losses

The True Singapore Group, which operates True Fitness, True Yoga, TFX and Yoga Edition, said all outlets under the brands would close as part of the winding-up process, with the group reporting a loss of HK$34.3 million on revenue of HK$181.2 million in 2025. — Picture from Facebook/Melvin Yong

By Malay Mail

First Published: Saturday, 12 Sep 2026 1:18 PM MYT

SINGAPORE, Sept 12 — Fitness and yoga chains True Fitness and True Yoga are shutting down in Singapore after their Hong Kong parent company said the businesses could no longer continue because of their liabilities.

The Straits Times reported that Kontafarma China Holdings announced on September 10 that the directors of True Fitness and True Yoga had resolved to wind up the businesses, citing mounting liabilities and intense market competition.

Singapore’s consumer rights watchdog Consumers Association of Singapore (CASE) said members of the two chains had reported more than S$609,000 (RM1.96 million) in losses from unused memberships, packages and services.

CASE president Melvin Yong said in a Facebook post on September 11 that the agency had received 241 complaints by 6pm, up from 28 complaints earlier that day.

“CASE has reached out to the provisional liquidator and will continue to seek clarification on the arrangements for affected consumers, including information required for consumers to lodge their claims,” he said.

Two employees told ST they were informed of the sudden closure by email at about 10.30pm on September 10, roughly an hour before the outlets were due to shut.

The email from the company’s human resources department said: “all outlets will be closed effective immediately and are not to be opened tomorrow (September 11)”.

The True Singapore Group, which operates True Fitness, True Yoga, TFX and Yoga Edition, said all outlets under the brands would close as part of the winding-up process, with the group reporting a loss of HK$34.3 million on revenue of HK$181.2 million in 2025.

Its unaudited accounts for the eight months to August 31 this year showed revenue of HK$118.4 million and a loss of HK$19.1 million, while liabilities stood at HK$633.8 million against assets of HK$204.5 million, leaving net liabilities of HK$429.3 million.

Kontafarma said the group was facing unprecedented challenges from competition posed by boutique gyms, fitness apps and online coaching, while more residential developments were offering gym facilities to residents.

“While the best endeavours have been made to control costs and optimise operational efficiency of the fitness business in Singapore, the fitness business has found it extremely difficult to continue amid the fiercely challenging market,” it said.

Insolvency practitioners Goh Wee Teck and Lin Yueh Hung of RSM SG Corporate Advisory have been appointed provisional liquidators, while creditors’ voluntary winding-up proposals for True Fitness and True Yoga will be considered at extraordinary general meetings on October 7.

As at September 11, the Accounting and Corporate Regulatory Authority’s BizFile records showed both companies as being in liquidation, while several outlets had been shuttered with liquidation or repossession notices posted at their entrances.

ST reported that a member who had paid S$79 for a monthly gym membership on September 9, just a day before the closure announcement, said she was shocked by the sudden shutdown, while the company’s former employees were also seeking clarity over outstanding September salaries.