In a recent announcement, Leejam Sports Company, also known as Fitness Time, revealed the closure of two of its fitness centers. Effective Thursday, September 7th, 2023, these centers will no longer be operational.
The closed centers are located within the expropriated areas that have been allocated for the Diriyah Gate Project. In the Al Khuzama District of Riyadh city, there are closed centers that operate under the well-known brands "Fitness Time" and "Fitness Time for Ladies".
In a significant development, the company has announced its decision to write off assets valued at SAR 11,422,381 as part of the closure of its fitness centers. This decision will have a direct impact on the financial statements for the third quarter of 2023.
The company is currently engaged in negotiations to secure an agreement that would provide compensation for the expenses associated with the closure of its two fitness centers. These discussions are being held with the relevant authorities in order to address the financial implications of this decision. Leejam, the renowned fitness company, has expanded its reach both within and beyond the borders of Saudi Arabia, now boasting a grand total of 171 operational centers and studios.
