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Fitness First: Employees Fired / 8 Branches Closed

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  1. #21

    Join Date
    Oct 2022
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    Pire fitness troubles

    Guys, I would like some advices concerning my gym membership and the PT seshs that I have already prepaid

    apparently pure have big cash issues, if by December they don’t manage to obtain a capital injection (several millions US) they won’t be able to pay their rents and will shut down all their locations

    is there any way to legally obtain refund if pure bankrupt?


  2. #22

    Join Date
    Dec 2002
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    ^^^^^^ This is how rumors start.

    Any substance to Pure needing a cash injection? Isn't the Li and Fung CEO a major if not majority shareholder?

    Jamie1207 likes this.

  3. #23

    Join Date
    Sep 2015
    Posts
    348

    If you look at how Li&Fung is going and it’s past history you’d be worried about PF. used to be a HSI blue chip worth a lot now it’s hardly anything.

    Prof W.K. Pedia:
    On 13 February 2017, it was removed from the blue chip index: Hang Seng Index and replaced by Geely Auto.[3] Between 2011 and 2020, it lost 95% of its market value with its turnover almost halving.[4] The company was privatized in 2020. In 2020 the Fung family privatized the company with a 94 percent stock price loss (HKD 1.25) from its best performance back in 2011 (HKD 21.319)

    Last edited by Hkemail888; 23-10-2022 at 12:16 PM.

  4. #24

    Most recent news I could find on Pure. Would think it's not unexpected given restrictions, etc. It should be better now. Plus private equity isn't going to let a business go broke unless cost is greater than benefit.

    https://reorg.com/pure-group-lockdow...cial-pressure/


  5. #25

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    Oct 2022
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    西營盤
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    Hong Kong is a small place… my friend overheard a discussion in french… one of pure’s director mentioned humongous cash issues… they need their main investor (some Canadian pension fund) to inject cash by end of year or they won’t be able to pay for the rent arrears…


  6. #26

    Join Date
    Dec 2002
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    Quote Originally Posted by Hkemail888:
    If you look at how Li&Fung is going and it’s past history you’d be worried about PF. used to be a HSI blue chip worth a lot now it’s hardly anything.

    Prof W.K. Pedia:
    On 13 February 2017, it was removed from the blue chip index: Hang Seng Index and replaced by Geely Auto.[3] Between 2011 and 2020, it lost 95% of its market value with its turnover almost halving.[4] The company was privatized in 2020. In 2020 the Fung family privatized the company with a 94 percent stock price loss (HKD 1.25) from its best performance back in 2011 (HKD 21.319)
    Bruce Rokowitz .. no clue if he is still involved.

  7. #27

    To answer your question, no! No way you can get a refund etc.

    I say this from experience when EPIC closed down! I lost over 50K.. Feckers were selling discounted packages 2 days before winding down..

    however, I find this “my friend overheard” very HK like rumour.


  8. #28

    Join Date
    Jul 2021
    Posts
    216

    For crying out loud i still wonder why people prepay trns, if not hundreds of thousands of dollars with so many joints going bust.
    A chance to appear on TV I suppose


  9. #29

    Join Date
    Sep 2004
    Posts
    71

    Not the case with California Fitness and Goji Gyms. In both cases I got the substantial prepaid sums repaid by the credit card company within 6-8 weeks. So in answer to the OP, it is certainly possible to recoup monies, depending on the method of payment.


  10. #30

    Join Date
    Aug 2006
    Posts
    11,606
    Quote Originally Posted by calmathetic9:
    To answer your question, no! No way you can get a refund etc.

    I say this from experience when EPIC closed down! I lost over 50K.. Feckers were selling discounted packages 2 days before winding down..

    however, I find this “my friend overheard” very HK like rumour.
    TIL that someone can prepay 50K of gym services. W...T....F?

    I thought the recent poster buying something like 30K of PT sessions was already pushing some kind of sanity limit.

    Sorry for the way things turned out, just cannot fathom prepaying that much for exercise.

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