TF Gym in Mongkok just closed after running half price membership promotions over Christmas.
All pain, no gain as another gym closes - The Standard
TF Gym in Mongkok just closed after running half price membership promotions over Christmas.
All pain, no gain as another gym closes - The Standard
But it is very very hard to prove intent and the prosecutors / investigators here in HK have little motivation for such things.
But it is the intent that is ambiguous. They can argue they are promoting half-price memberships because they need to get more members (i think most of their costs would be fixed costs since little changes with 100 or 150 members) to bring in revenue to meet costs.Original Post Deleted
That they failed to get the 50 extra members to cover those costs is just a risk of any business.
So basically whether its the act of a business desperately trying to hold on, or a business intentionally duping new customers?
Last edited by UK/HKboy; 22-01-2018 at 12:54 PM. Reason: extra clarification
unless they put in a new promotion, then rip the bank account dry and left, else you can't establish the 'fraud' intent and just end up being a manager that is not too business savvy
Not defending them. being a cynic and seeing so many of these stories, i would be more surprised if that wasn't the intent of the owners.Original Post Deleted
But what looks pretty obvious can be hard to prove if they covered their tracks well.
Dear
I was away from HK. Visited today but heard they are closed. Any idea how can I approach them for refund ?
Appreciate for your best
Thanks
96722065
Surprised clubs offering products to the public don't have any reporting requirements on sharing cash flow statements, etc.
A public company would have this transparency.
It is not a public company, just a company offering services to publics, which is essentially majority of companies in existence.
You likely have a choice of paying monthly (exorbitant rate) or paying them on a long term contract basis which they offer you much cheaper. For many cases e.g. hairdresser, massage shop, etc.. I'd often choose to pay on a per visit basis then i would not be subjected to credit risk.
I don't know what is the purpose of sharing cashflow statements for small companies.
- Who knows how to read ? The ease to dissect a book on their actual income especially with a prepaid payment accounting can be daunting even to a regular balance sheet reader, not to mention regular customer from the street.
- Are they going to do it every three months/six months ? cost ? so you will pay extra 25% for the same service versus another shop, as cost of such book keeping transparency ?
- Cashflow changes so drastically every quarter. E.g. the closing of a supermarket beside the shop can have drastic impact to a small beauty salon.
- And if you read the statement every quarter, realized their cashflow are tight, are you going to cancel your contract and ask for whatever you had back ? Do you think that is even feasible ?
So please evaluate the feasibility and meaningfulness of a proposal before you even burp it out...