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California Fitness closure: Failures of management, auditors blamed in report
Business allowed to be funded by gym members despite heavy debts: Liquidators
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The California Fitness branch at Velocity@Novena Square in 2016. The gym chain's abrupt closure in Singapore that year left thousands of members more than $20 million out of pocket.
ST FILE PHOTO
Tiffany Fumiko Tay
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Nearly three years after the abrupt closure of gym chain California Fitness left thousands of members here more than $20 million out of pocket, liquidators for its parent firm JV Fitness have closed the door on them getting their money back.
In a detailed report to creditors seen by The Straits Times, liquidators from Ferrier Hodgson blamed JV Fitness' management and auditors for allowing gym members to fund the business for three years even though it was already heavily in debt.
