A long-standing local gym chain, Physical Fitness, said on Friday it is closing down all of its branches for now, pending a restructuring. The company cited high rents in some locations for the decision. In an announcement, the company said it is bringing in new investors and is in talks with landlords regarding changes to leases. It said certain branches will reopen when agreements are reached. "Physical has been with everyone for 38 years, and we witnessed the ups and downs of the Hong Kong economy together," the chain said. "Unfortunately we cannot accompany everyone until the end, this was indeed a very painful decision." According to the company's website, it has 23 gyms across Hong Kong serving half a million members.
