Taipei City Government’s Department of Legal Affairs yesterday urged members of True Yoga Fitness to seek refunds after the Singapore-based chain abruptly closed its Taiwan operations and announced bankruptcy plans.
The department said the company still has over NT$210 million (US$6.88 million) in a trust account at Sunny Bank, its trustee, and that the bank has been instructed to withhold the funds from being transferred to True Yoga to prevent misuse.
Earlier yesterday, True Yoga posted a statement on Facebook announcing that it would cease operations effective today and begin legal closure and bankruptcy proceedings after 20 years in Taiwan.
Photo: CNA
The announcement came after True Yoga abruptly suspended several outlets in Taipei, New Taipei City, and Taoyuan last week. The chain operates 13 locations across Taiwan, including Taichung and Chiayi.
In its statement, the company said that despite the team’s efforts, the business had become unsustainable due to long- term losses from the COVID-19 pandemic and a weakening economy.
The company apologized for the impact on members and business partners, stating that all debts and member-related matters will be handled in accordance with the law, allowing members to recover funds held in trust.
It added that it will actively seek measures to minimize the impact on employees, members, and partners.
The department said it has received over 1,000 complaints from consumers and called on True Yoga to address the claims and promptly provide member information to Sunny Bank.
It urged consumers to seek refunds for unused services, advising those who paid by credit card to file chargeback requests with their banks, while those who paid in cash should apply to the court for a payment order.
If the company fails to issue refunds, consumer protection groups may pursue a class-action lawsuit on behalf of members, the department added.
As of July, the company had about 500 insured employees, the Taipei Department of Labor said, adding that those affected by its closure can apply for a certificate of "employment separation."
With that, they can seek the Ministry of Labor’s Bureau of Labor Insurance to claim unpaid wages or severance pay from the Wage Arrears Payment Fund, in accordance with Article 28 of the Labor Standards Act (勞動基準法).
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