Leejam Sports Co. closed a men’s fitness center and one of the company’s office in Riyadh as of Sunday, Nov. 1, the firm said in a statement to Tadawul.
The center, which operated under the brand ‘Fitness Time’, and a Leejam office on King Abdulaziz Road in Riyadh were closed as they fall within the expropriated areas in favor of the King Salman Park project.
The company will record an impairment charge of SAR 6.6 million against the closure of the fitness center and it will be reflected in Q3 2020 financial results.
Member subscriptions of the closed center will be upgraded to allow them to use a center nearest to them.
Following this, the total number of Fitness Time centers operating inside and outside Saudi Arabia is 135, the company said.
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