True Fitness and True Yoga to shut in Singapore amid millions in losses
- ID
- 23465
- Status
- summarized
- Published
- 11 Sep 2026, 11:18 AM
- Fetched
- 11 Sep 2026, 4:09 PM
- Provider
- Vulcan Post
- Category
- malaysia-startup
- Original URL
- https://vulcanpost.com/913189/true-fitness-true-yoga-singapore-closure/
- Source URL
- https://vulcanpost.com/feed/
Summary
- Score
- 2.0
- Created
- 11 Sep 2026, 4:09 PM
- Tags
- Audience
- saas_founders
What happened
True Fitness and True Yoga are shutting all 10 Singapore outlets under parent company Kontafarma China Holdings, which is pursuing creditors' voluntary winding-up. The business generated S$30M revenue in 2025 but posted S$5.7M losses, with liabilities ballooning to S$89.8M against S$24.2M in assets; by Aug 2026 net liabilities reached ~S$72M. Kontafarma blamed boutique gyms, condo-based gyms, and online training programs for eroding demand for large-format gym memberships.
Why it matters
Minimal direct relevance to builders. The only practical signal is a concrete data point on how subscription-based consumer businesses can collapse even at S$30M revenue when customer acquisition costs and liabilities outpace retention — useful context for SaaS founders modeling churn and unit economics, but not actionable for this audience.
Discussion angle
Skip this in the main segment unless pivoting to a brief note on how traditional subscription businesses (gyms, telcos) face the same retention and CAC pressures as SaaS — and what builders can learn from the failure pattern of high-revenue, negative-margin models.