The management of the Innovation Fitness Club (IFC) gym, located in the Plaza Madeira shopping centre, announced today to its members that it will close.
“We regret to inform you of the closure of our gym as a result of the expiry of the contract for the use of the space, and we were unable to obtain a renewal of the contract with the new Shopping Centre management team.
The announcement does not state on what date the gym will close or what will happen to the gym’s 40 employees (12 contractural and 28 Green Receipt). However, local newspaper, JM, found out that the reasons for the closure are due to overdue rent payments and the lack of agreement concerning a debt payment plan.
The management of the shopping center will have terminated the contract and Radical Ambition, the company that manages the IFC, has in turn moved towards insolvency proceedings, to allegedly prevent the termination of the contract from moving forward.
The IFC gym is one of the best known in Madeira. In the past, Holmes Place Madeira operated in the same space.
Samantha Gannon
info at madeira-weekly.com
