VI Fitness files for bankruptcy

VI Fitness files for bankruptcy

Workout locations across Greater Victoria closed permanently May 1

According to the company website, VI Fitness Centres Inc. filed for bankruptcy May 1 and permanently closed all its locations.

There are multiple across Greater Victoria.

“Despite the company’s best efforts, our business model was no longer sustainable due an increasingly competitive landscape,” the announcement says. “We can no longer afford to keep the business operating at a loss. We sincerely regret the impact our closure will have on our members, employees and business partners, and truly appreciate their support over the years.”

The website then refers patrons to contact the Bowra Group, an accounting firm in Vancouver and Edmonton.

Mario Mainella is a senior vice president at the Vancouver firm and one of the members involved in the VI Fitness file.

“It just wasn’t viable and they couldn’t operate anymore,” Mainella said. “The owner was funding the losses of the company. They made a decision. They didn’t think they could turn it around and didn’t want to continue funding out of their own pocket.”

Updates will follow.


 

cvanreeuwyk@oakbaynews.com

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