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California Fitness shuts down all Singapore outlets

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Singapore, 20 July 2016 - California Fitness has shut down all its fitness centers in Singapore at Bugis Junction, Raffles Place, and Novena Square, as it has been unable to pay its rent on these premises.
 
The fitness chain has revealed that it has appointed a professional liquidator to handle the distribution of its remaining assets in Singapore between numerous creditors including its landlords, suppliers and many customers who have prepaid for their fitness club memberships. The liquidation plan would have to be first approved in court.
 
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The closures follow similar shutdowns in Hong Kong and Beijing by the fitness chain despite being assured by management that the Singapore operation is managed separately from Hong Kong and Beijing.
 
Former owner of California Fitness, Mr Wong Pingkuen, bought over the chain from its other shareholders for HK$50mil(S$8.76mil), and lost another HK$20mil(S$3.5mil) in trying to revive its operation.
 
He eventually sold the chain to his brother Mr Wong Lun, who is still trying to find buyers from mainland China to save the chain.
 
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Customers who prepaid for their memberships will be the last in line to get refunds, if any, as they are legally considered unsecured creditors.
 
As in most cases of liquidation, the fitness chain is likely to repay a fraction of a dollar for every dollar owed.
 
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