Hong Kong’s Physical gym chain has closed after 38 years of business, leaving the jobs of more than 700 people up in the air and triggering complaints from angry customers to the Consumer Council.

But Physical Health Centre said on Friday talks were under way between a new investor and landlords to reopen existing gyms.

“Once a consensus is reached, the relevant branches will reopen immediately to provide services to everyone. Customers, please wait patiently,” the chain said.

It pinned the blame over the decision to close on the high rents being imposed by some landlords.

“Although Hong Kong’s economic environment has gradually improved since the Covid-19 pandemic four years ago, some landlords of certain branches still maintained high rents,” the chain said. “This is really a painful decision but we have no choice.”