‘We’ve been fighting for our lives every day’: Ritual Gym founder, following abrupt closure of Singapore branches
Funding dried up after key investor pulled out; all 35 full-time employees to be compensated
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Paige Lim
THE founder of home-grown boutique gym Ritual, which abruptly shut on Thursday (Feb 29), has spoken to The Business Times about his decision to voluntarily pull the plug on his business, after a critical investor backed out of a deal that would have otherwise kept it afloat.
The gym had been banking on this source of funding, said chief executive Brad Robinson, following struggles with securing investors during the Covid-19 pandemic.
On Thursday afternoon, members were informed via e-mail that all four branches of Ritual in Singapore would be shut down. Cheat Day Pte Ltd, the company which owns and operates Ritual Gym, will enter provisional liquidation.
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