Key facts
- Hotstone Yoga in Hong Kong has abruptly closed, affecting hundreds of customers.
- Customers claim Hotstone Yoga sold them discount packages shortly before its closure.
- True Fitness and True Yoga in Singapore are also closing due to financial difficulties.
- Singapore's consumer watchdog has received over 241 complaints regarding True Fitness and True Yoga, with reported losses exceeding S$609,000.
- Both Hotstone Yoga and True Fitness/True Yoga notified staff and customers of closures with little advance warning.
The abrupt closure of Hong Kong yoga chain Hotstone has left hundreds of customers facing financial losses, with some alleging the company continued to sell discount packages just days before shutting down. One customer, identified as Chan, told the South China Morning Post that she received the closure notice via WhatsApp an hour before her scheduled class.
This situation mirrors the recent closures of True Fitness and True Yoga in Singapore, where the parent company, Kontafarma China Holdings, declared it was winding up the businesses due to market competition and cost pressures. The Consumers Association of Singapore (CASE) reported that members of True Fitness and True Yoga had incurred losses exceeding S$609,000, with 241 complaints received as of September 11. Employees of these chains were also notified of the immediate closure via email.
Kontafarma China Holdings cited increasingly fierce market competition, rising costs, the popularity of boutique gyms, fitness apps, and online coaching as reasons for the financial strain on the True Singapore Group. The group recorded significant losses and net liabilities in recent years, despite generating revenue. Insolvency practitioners have been appointed as provisional liquidators for True Fitness and True Yoga in Singapore.