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.
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