An upscale Australian boxing gym has financially collapsed causing outrage and chaos amongst customers. Not only did the fitness company cancel all of its customer memberships, but it also let go of all staff members.
The Australian fitness company, Corporate Fighter, was based in Sydney and offered a 10-week boxing training course for amateurs looking to get into the sport. The name was founded to represent the company’s customers who predominantly came from a corporate background with little athletic knowledge. The boxing gym even held its gala nights, where members would attend to compete with one another. Each event is stated to have had 40 tables, which would sell for $2,000-$3,000. Some of the event proceeds were donated to charities in Australia.
On May 8th, 2024, Corporate Fighter stated it had ceased operations and let go of all staff. Last week, ASIC documents revealed that the organization entered receivership, with Melbourne restructuring firm PKF taking over the company. At the beginning of May, Corporate Fitness director Josh King stated that the company had been facing, “financial challenges” and was planning to wrap up the company within the following weeks. King’s statement came about a month before the company’s next scheduled gala, in which King addressed the gym’s future in an email sent out to all members.
In the email, King expressed his deepest sorrow for the inconvenience of the gym’s closure, which had affected members, guests, sponsors, and supporters of the company.
However, an apology for the short notice may not be enough for Corporate Fighter members, who had large sums of money invested into events. One Corporate Fighter member told Australian media outlets that he had already lost $6,500 from the company’s downfall. The same member also stated that he, along with 16 other members had paid almost $80,000 in gala table purchases. The member claims that five members are still awaiting their refunds.
