HCMC's Fit24 gym chain shuts down

It said in an announcement that after closing on Oct. 5 it would "make all efforts to resolve issues and resume operations."

Le Chi Trung, its director, said the chain is facing difficulties as consumers are cutting their expenditure on gyms and there is fierce competition from new brands.

"I will work with shareholders to find the optimal solution to bring Fit24 back into operation."

The chain has not said how it plans to compensate its customers.

Chi An, who has a membership for until next April, said a customer service staff told him to wait for further notice as they too do not have any details yet.

Fit24, whose gyms also have studios for yoga, zumba, and kickboxing, launched its first facility in District 7 in 2012 and had five facilities before the shutdown.

Getfit Gym & Yoga, another high-end gym chain, also suspended operations on Sept. 4 but reopened three of its gyms later in the month.

A survey by VnExpress found that in the last two years most major gym chains have either downsized or stopped expanding due to growing competition.

The recent shutdowns have deterred many consumers from buying gym memberships, adding to the industry’s woes.

Thanh Thanh, a resident of District 7, said she decided to hire a personal trainer and train at her apartment gym instead of buying a membership at some large gym.

"Spending tens of millions of dong (VND10 million = US$400) on long-term memberships is too risky when even big names suddenly announce closures."