SHANGHAI -- A private equity-backed gym operator in China is in crisis after a cash crunch prompted a wave of store closures, underscoring consumers' weak appetite for nonessential spending.
More than 30 gyms under Will's Group, which operates the Will's Fitness, W Fitness and VIP brands, abruptly closed in December in Shanghai, home to the majority of its locations, according to Nikkei Asia's analysis. Staff at many of the 30 or so branches that are still operational said they were unsure how long the doors would remain open.
