Another two of F45 Training facilities have closed their doors, making it a grim day for the beleaguered company.
According to reports, the gyms located in Surfers Paradise and Labrador on the Gold Coast informed their members last week that they would be closing.
The closures come after a leaked email revealed that there has been a drastic decline in interest in buying the facilities.
Despite the company’s impressive financial performance in 2021, its share prices have been declining, which has led to several franchise closures.
In 2023, the company was removed from the stock exchange.
The executives of the company then resigned from their positions.
The facilities in Labrador announced the closures on their social media accounts.
In a statement posted on its Instagram page, the company thanked its members for their support over the years.
However, it noted that the facilities would be permanently closed.
According to a leaked email, the interest in buying the gyms had dropped significantly.
The email noted that the company’s brand image had been severely damaged over the past couple of years.
Due to the lack of buyer interest, it had become almost impossible to sell the gyms for a dollar.
He said he was turning away several potential franchisees.
Other companies in the functional training industry noted that the lack of buyer interest had affected their operations.
Many of them, including F45 Training, are not able to attract the necessary capital to operate.