True Group operates 10 fitness centres in Singapore across three brands: True Fitness, TFX and Yoga Edition.
Its parent company is Hong Kong-listed Kontafarma China Holdings, which filed a bourse listing on Thursday night stating that the directors of True Fitness and True Yoga in Singapore were unable to continue business due to their liabilities.
The company cited “unprecedented” challenges including competition from boutique gyms, exercise facilities in condominiums and private residences, and the rise of digital training options.
The fitness centres are closing as part of the liquidation process, with insolvency practitioners provisionally appointed.
True Group, which was established in Singapore in 2004, earlier pulled out of Malaysia and Thailand in 2017, and Taiwan in 2025.
The mismanagement of the closures of the Malaysia and Thailand businesses was the subject of a lawsuit in Singapore, which True Fitness and True Yoga won against True Group’s founder and then-CEO in 2022.