SINGAPORE, Sept. 12 -- Fitness and yoga chains True Fitness and True Yoga are shutting down in Singapore after their Hong Kong parent company said the businesses could no longer continue because of their liabilities.

The Straits Times reported that Kontafarma China Holdings announced on September 10 that the directors of True Fitness and True Yoga had resolved to wind up the businesses, citing mounting liabilities and intense market competition.

Singapore's consumer rights watchdog Consumers Association of Singapore (CASE) said members of the two chains had reported more than S$609,000 (RM1.96 million) in losses from unused memberships, packages and services.

CASE president Melvin Yong said in a Facebook post on September 11 that the a...