Fitness Time closes two Fitness centers in Riyadh

Leejam Sports Company (Fitness Time) “The Company” announced on Sunday the closure of two fitness centers (Closed Centers) as of Thursday, 7th September 2023.

The company explained on Tadawul that the closed centers fall within the expropriated areas in favor of the Diriyah Gate Project. The closed centers operate under the brand “Fitness Time” and “Fitness Time – Ladies”, in Al Khuzama District of Riyadh city.

The company will write off assets worth SAR 11,422,381 for closing these fitness centers, and this will be reflected in the financial statements of the third quarter 2023.

The company indicated that it is currently working on an agreement to try to compensate the company for the costs incurred by closing the two fitness centers with the relevant authorities. With this, the total number of Leejam’s centers & studios operating inside and outside the Saudi Arabia is 171.