Latest news with #fitnessindustry
South China Morning Post
8 hours ago
- Business
- South China Morning Post
Hong Kong's Physical gym founders fined HK$24,000 for unpaid wages to 2 coaches
The founders of the now-closed Physical fitness chain have been fined HK$12,000 (US$1,530) each over unpaid salaries to two coaches, with their lawyer saying they had exhausted every payment option after mortgaging all their properties. Advertisement Eastern Court on Friday recorded guilty pleas from a lawyer representing Luk Ngai-keung and his wife Ho Yuk-wah on eight wage default charges under the Employment Ordinance. The couple, who were absent from the hearing, were also required to pay damages totalling HK$23,227.80, which represented the outstanding payments to the two former workers between August 1 and September 6, 2024. Physical Health Centre Hong Kong Limited, the company that hired the two coaches, was fined a total of HK$44,000 after pleading guilty to 12 charges in April. The 38-year-old gym chain had defaulted on payments to more than 700 workers when it abruptly closed all of its 14 branches across Hong Kong in September the same year, a Labour Department representative told the court on Friday. Advertisement Defence counsel Bosco Cheng Yu-kit said his clients, who were both directors of Physical, had been 'extremely responsible' in running the company and had never delayed payments to staff before last year.
News.com.au
29-05-2025
- Business
- News.com.au
Dark underbelly of Aussie gyms exposed
Australia's booming fitness industry is facing a reckoning, as gym owners and industry leaders demand urgent government action to address a surge in dodgy operators and criminal infiltration. Leaders across the sector say the time has come for mandatory national licensing for all gym and fitness operators to safeguard gym-goers and restore trust in the industry. From the Gold Coast to Melbourne, gyms have become targets for criminal elements, with rumours of money laundering, gang involvement, and firebombings linked to bikie gangs and organised crime. Most notably, a Melbourne gym linked to Sam 'The Punisher' Abdulrahim was targeted in an arson attack in October last year, prior to the gangland figure's murder in January. In 2023, a gym in Dandenong was subject to a dramatic arson attack when a car was driven through the front doors, and an accelerant poured throughout the building and set alight. Meanwhile in Sydney, the Fitness First Rockdale club was the scene of the notorious 2018 shooting murder of former bikie boss Mahmoud 'Mick' Hawi. Criminal elements are infiltrating gyms Jenny Singh, a fitness operator on the Gold Coast, is one of many sounding the alarm. 'My concern is that criminals and gangs are now infiltrating the fitness industry and using gyms as a front for money laundering and other activities,' she said. 'We need to get them out and stop them from involvement. The majority of the industry is professional, and introducing a law to ensure that all gyms and fitness centres are run by licensed operators will help lift the industry to a higher level of professionalism and accountability.' Trust and standards must come first Jane Kilkenny, founder of Victoria's Fitness Energy and a respected industry veteran, believes that the industry's easy entry is a magnet for unqualified operators. 'The key factors for a licensing system should include business registration that ensures the industry codes of conduct are being adhered to,' she told 'This must also include registration for all staff involved in the delivery of fitness advice and services.' Ms Kilkenny believes the biggest resistance to a national licensing system would come from those unwilling to meet current standards, but insists the industry's future depends on raising the bar. 'The reasons for this are many, but include cost, transparency and standards,' she said. 'While people might see the fitness industry as a way to make some quick money, it has a very significant role to play in the future health of Australians. It can only really fulfil this potential by raising standards and professionalism.' A booming industry with lax controls Todd Howard, CEO of TBH Group and a major Snap Fitness franchisee, points out that the post-Covid gym boom has compounded this issue, bringing a flood of new entrants – some with little experience or good intentions. He says that while big franchises have strict vetting and compliance, the broader industry remains wide open. Mr Howard believes licensing would ensure basic operational standards, verified staff qualifications, and safety compliance. The foundation already exists AUSactive, the national peak body for the fitness industry, confirms that systems are already in place to support higher industry standards. It operates a Register of Professionals and a National Fitness Industry Code of Practice, outlining best practices, safety protocols, and ethical conduct – but all are voluntary. With the right policy support, AUSactive argues, Australia could 'transform the fitness industry into one of the most professional, consumer-trusted sectors in the health ecosystem,' a spokesperson said. Next steps Industry leaders are now urging the federal government to launch a Senate inquiry and develop licensing laws modelled on those in other industries like aged care and childcare. 'There's never been a more important time to protect the future of the fitness industry's integrity,' said Mr Howard. 'Licensing is not about red tape or barriers. It's about trust and safety for everyone in an equitable environment that benefits not only those heavily invested in the industry but also consumers seeking a quality and consistent product in the market.'
Yahoo
24-05-2025
- Business
- Yahoo
Stifel Upgrades Planet Fitness (PLNT) Stock to Buy, Raises PT
On May 22, Stifel analysts upped Planet Fitness, Inc. (NYSE:PLNT)'s stock from 'Hold' to 'Buy,' increasing the price objective to $120 from the prior target of $82. The upgrade comes after an evaluation of its recent performance and expected growth catalysts. The analysts have noted stabilized gross joins and numerous factors that can fuel comparable sales to mid-to-high-single-digit growth in the upcoming years. Planet Fitness, Inc. (NYSE:PLNT) continues to focus on improving marketing strategies, which analysts opine can be optimized to see better results. A smiling person in sports gear testing out a piece of new fitness equipment. Additionally, the firm expects that Planet Fitness, Inc. (NYSE:PLNT) will increase its Black Card pricing. This can result in a 3% - 4%-point benefit to its comparable sales (comps). Its efforts focused on enhancing the Black Card Spa experience have been regarded as a favourable move. Stifel upped its comp and unit growth estimates for Planet Fitness, Inc. (NYSE:PLNT) as it anticipates sustained member growth and a multi-year pricing tailwind to fuel performance. Because of the strength and durability of its model, the company delivered healthy growth in Q1 2025 despite higher volatility in the macroeconomic environment. Its total revenue went up by 11.5% YoY to $276.7 million. Planet Fitness, Inc. (NYSE:PLNT) is engaged in franchising and operating fitness centers under the Planet Fitness brand. While we acknowledge the potential of PLNT to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than PLNT and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: and 11 Unstoppable Growth Stocks to Invest in Now Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
