SINGAPORE - Home-grown gym chain True Fitness has assured customers that it will continue to operate as usual in Singapore, following the closure of its operations in Thailand.
True Fitness abruptly shut its two remaining outlets in Bangkok on Friday (June 9), shocking members. This followed the sudden closure of its CentralWorld branch in Bangkok last November (2016).
True Group said in a statement to The Straits Times: "For Singapore, our business will continue to operate as usual."
The spokesman added: "In Thailand, we are a minority partner and the past years have proved challenging, and unfortunately the businesses are no longer financially viable due to evolving market conditions."
He added that True, despite its best efforts, was unable to sustain its operations in Thailand due to the challenging market conditions.
There were several firms interested to take over its businesses in Thailand but its landlords did not agree to having other operators do so. In some instances, the landlords had insisted on substantially higher rents, the spokesman said.
"We had tried several attempts to rejuvenate the businesses but have not been able to get sufficient flexibility from our landlords and creditors to enable us to restructure the businesses in time," he said.
"The decision by our creditors to shut us down left us with no option but to close down our operations till we find suitable operators to take over the businesses."
He added that the firm is still looking for a suitable fitness and wellness operator to take over its business in Thailand.
The True Group was established in Singapore in 2004 and has 10 outlets here.