True Fitness and True Yoga cease Singapore operations as liquidation process begins

Current assessment: The available evidence supports the conclusion that True Fitness and True Yoga ceased operations in Singapore on September 11, 2026, as their parent company moved the businesses into a provisional-liquidation process. This was not presented as a routine studio closure: established reporting describes businesses that had recorded losses, substantial net liabilities and continuing liquidity pressure. The closure also affects members with prepaid services and employees whose immediate arrangements remained uncertain.

Reported facts

The Straits Times reported that the directors of True Fitness and True Yoga had passed resolutions on September 10 saying the companies could not continue because of their liabilities. It reported that the companies’ Singapore outlets were to close immediately and that provisional liquidators from RSM SG Corporate Advisory had been appointed.

CNA separately reported that it observed the True Fitness outlet at Great World closed on September 11, with a notice saying its tenancy had been forfeited. CNA said the parent, Hong Kong-listed Kontafarma China Holdings, expected the fitness and yoga centres to cease operations in connection with the provisional liquidation.

According to The Straits Times, CASE president Melvin Yong said the association had received 241 complaints by 6 p.m. on September 11, with reported losses exceeding S$609,000 from unused memberships, packages and services. This figure represents complaints and reported losses; it does not establish the amount customers will ultimately recover through the liquidation process.

Supporting evidence

The strongest available evidence is the reporting on Kontafarma’s exchange disclosure. Both The Straits Times and CNA describe the parent as saying the Singapore fitness business had become difficult to sustain amid stronger competition, higher customer-acquisition costs, high operating costs and cash-flow pressure.

CNA reported that the True Singapore Group recorded a loss of about HK$34.3 million for the year ended December 31, 2025. It further reported that unaudited management accounts showed a further HK$19.1 million loss for the eight months ended August 31, 2026, with net liabilities of about HK$429.3 million at that date. These figures, as reported from the parent’s disclosure, are consistent with the decision to begin liquidation. They do not by themselves establish that market competition was the sole cause of the closure.

The reports also identify a defined next procedural step: extraordinary general meetings for True Fitness and True Yoga are scheduled for October 7, where creditors’ voluntary winding-up is to be proposed, followed by creditors’ meetings. CNA reported that the final amount owed to the parent and any recovery depend on the liquidators’ adjudication, asset realization and the statutory priority of claims.

Limitations and competing evidence

The direct Kontafarma filing was not available for independent review in this research package, so the parent company’s statements and financial figures should remain attributed to the reporting that describes that filing. The exact corporate and insolvency terminology also warrants review. The available reports describe provisional liquidators as appointed and operations as closed, while the formal creditors’ voluntary winding-up resolution is reported as scheduled for October 7.

There is also a discrepancy in the reported number of affected outlets. The Straits Times counted seven outlets across the related brands based on its review of websites and locations, while CNA described 10 fitness and yoga outlets across True Fitness, TFX and Yoga Edition. The available record supports reporting that related Singapore operations were affected, but not a definitive outlet total without checking the companies’ and liquidators’ records.

Finally, reported customer losses are a snapshot of complaints received by CASE as of a stated time on September 11. They are not a verified total of all prepaid obligations, a finding of wrongdoing, or a confirmed measure of creditor recoveries.

Current conclusion

A cautious reading is that True Fitness and True Yoga’s Singapore shutdown is an immediate operational closure tied to an insolvency process, rather than a future plan that remains contingent. The available record supports that the parent attributed the decision to liabilities, sustained losses and difficult market conditions, and that customers had already reported substantial losses on unused services. It does not establish the final legal status of each entity after the October meetings, the total number of outlets affected, the ultimate value of creditor claims, or what members and employees will recover. Those points should be updated after review of the underlying exchange filing, ACRA records and notices issued by the provisional liquidators.