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-   -   Malaysia True Fitness close down (http://www.arofanatics.com/forums/showthread.php?t=538595)

vincent2982 19-06-2017 12:27 PM

Malaysia True Fitness close down
 
http://www.channel8news.sg/news8/lat...s/3745376.html
When CF close down suddenly, i told my GF dun renew when membership expire on April. Wonder will SG branch like CF, just suka suka close door

globalcookie 19-06-2017 12:31 PM

Don't know what that link is.

Anyway....


China's Tongfang Kontafarma to buy stake in Singapore's True Group for S$51.2m
30 May 2017 12:56PM (Updated: 30 May 2017 02:51PM)
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SINGAPORE: Hong Kong-listed Tongfang Kontafarma will acquire a significant stake in Singapore's True Group, which comprises True Yoga and True Fitness, according to a press release by the latter on Tuesday (May 30).

The deal will see Tongfang Kontafarma, which is mainly engaged in the manufacturing and sales of prescription drugs, buy a 51 per cent stake in True Group's Singapore and China businesses, and a 29 per cent stake in its Taiwan businesses, for US$36.7 million (S$51.2 million) in cash, the release said.

True Group said the deal is so that it can pursue expansion in China, as it looks to tap on the fitness boom there. It also aims to conduct an initial public offering on the Hong Kong Stock Exchange.

Both parties intend to grow its presence in China through corporate-owned and franchised clubs in tier one and tier two Chinese cities, with up to 20 new clubs to be opened by end-2019. This will be done through acquisitions and building new clubs, and an initial US$5 million will be set aside to help fuel its growth there, the company said.

Gym membership in China has doubled since 2008 to 6.6 million in 2016, said the press release, citing the China Business Research Academy.

The True Group currently owns and operates 26 fitness and yoga centres in the three countries and has an annual turnover of more than US$100 million.
Source: CNA/kk

globalcookie 19-06-2017 12:32 PM

True Fitness Malaysia closure part of parent company's deal for China franchise

BY MEI MEI CHU

image: http://www.thestar.com.my/~/media/on...18B4CB5CE8B43F



PETALING JAYA: The closure of True Fitness branches in Malaysia and Thailand was required under the franchise agreement between Singapore-based parent company True Group and Chinese investor Tongfang Kontafarma Holdings Ltd.

According to Tongfang Kontafarma's May 7 announcement of the franchise deal to the Hong Kong Stock Exchange, True Group CEO Patrick John Wee, referred to as Mr PJW, agreed to shut down the fitness chain's operations in Thailand and Malaysia by no later than Dec 31.

An announcement on investor relations website irasia.com, which The Star accessed, states that if Wee failed to do so, he and his company's subsidiaries would be liable for the franchise fees.

The transaction for the US$36.7mil (RM156.4mil) venture, which sees Tongfang Kontafarma acquiring 51% of True Group's Singapore and China businesses and a 29% acquisition of its Taiwan businesses, was completed on May 29.

Tongfang Kontafarma chairman Huang Yu announced to the Hong Kong Stock Exchange that True Cayman Group will open 20 new outlets across China by the end of 2019 with a US$5mil (RM21.3mil) injection by Tongfang Kontafarma.

True Fitness Malaysia announced last Saturday that it had ceased all operations of its gyms and spa facilities because it was "no longer financially viable due to evolving market conditions".

The abrupt closure left 100 True Fitness Malaysia staff jobless without any notice.

The employees are also accusing True Fitness Malaysia of not paying over RM66,000 in salaries and commissions.

Members of the fitness club are also in a limbo over the status of their membership, for which they paid thousands of ringgit.

When contacted, a True Group spokesman in Singapore said, "No one from here will be able to comment ".

-------------------------

So it is not that they are facing financial problems or what.... It is already part of the plan. Who knows, maybe the original boss (not new owners) may open another fitness chain in different branding/name in due time.

vincent2982 19-06-2017 12:46 PM

Hard to say oso. To ease the fear, they always tell u lies. Who noe they say nd to close down SG oso. Den re brand ask u rejoin or wat. All this business talk i duno, i only noe when they wan to close down, they will tell u noting will happen n just close door nxt day, same like CF or those tour agency, still continue take in cust. Den nxt day just say bankrupt

tweety bird 19-06-2017 12:53 PM

They say they are minority partner in both Thai & Malaysia TF.
Recently, TF opened a 18000sqft at Viva Business Park@Chai Chee.

vincent2982 19-06-2017 01:02 PM

Just cross finger, cos CF oso say something like that when HK office close down. Anyway hope everyting will b fine & expand as wat they mention in their website.

llewellyn 19-06-2017 01:29 PM

Quote:

Originally Posted by tweety bird (Post 9993598)
They say they are minority partner in both Thai & Malaysia TF.
Recently, TF opened a 18000sqft at Viva Business Park@Chai Chee.

That outlet was supposed to open around Aug last year. Delayed until two weeks ago...
And only one storey open.
They suddenly closed all their true spa outlets many years ago in Singapore.

millenium 19-06-2017 01:33 PM

Knn, a few months before cf closed, they ask me sign another 15 months.

llewellyn 19-06-2017 01:41 PM

Quote:

Originally Posted by millenium (Post 9993605)
Knn, a few months before cf closed, they ask me sign another 15 months.

Mine was few weeks before true fitness closed their Parkway parade branch. Kept asking me to renew.
Then suddenly announced closing. Prior to that still actively recruiting membership.

tweety bird 19-06-2017 01:49 PM

Quote:

Originally Posted by llewellyn (Post 9993603)
That outlet was supposed to open around Aug last year. Delayed until two weeks ago...
And only one storey open.
They suddenly closed all their true spa outlets many years ago in Singapore.


My info is from the regional manager as my company is corporate member.
When CF closed, I asked him and assured that base on their business model they are still ok
This time round, he auto email to announce the opening of Viva Outlet and the current situation.
Oh Well, the older outlets equipment are ether waiting for maintenance/spoilt/replacement....cross finger


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