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California Fitness liquidators' report closes door on member refunds, blames management and auditor
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The closure of California Fitness's three gyms in 2016 highlighted the dangers of prepayments with its nearly 27,000 members left in the lurch for $20.8 million in unused gym access fees and unredeemed training sessions.
PHOTO: ST FILE
Tiffany Fumiko Tay
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SINGAPORE - 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 company 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's management and auditor for allowing gym members to fund the business for three years even though it was already heavily in debt.
