The management of the Innovation Fitness Club (IFC) gym, in the Plaza Madeira shopping centre, formerly known as La Vie, informed its members today that it will close its doors.
“We regret to inform you that our gym has closed as a result of the expiration of the contract for the use of the space, and we have not been able to obtain its renewal from the new management of the shopping center,” it can be read in the statement, without adding more.
The information does not clarify the exact day on which activity will cease or what will happen to current workers, but JM found that the root of this process was late rent payments and a lack of understanding between the parties regarding the debt repayment plan.
The shopping center's management reportedly terminated the contract, and Radical Ambition, the company that runs the IFC, was in turn subjected to insolvency proceedings, with the aim of preventing the contract termination from progressing, they explained to JM.
However, the gym's instability puts the employment of 40 people at risk, 12 of whom have employment contracts and 28 who work on green receipts.
IFC Gym is one of the most popular gyms in Madeira. Once upon a time, Holmes Place Madera worked at the same place.
Andrea Hargraves is a contributor to Brytfmonline.com, covering a broad range of topics including news, politics, business, technology, sports, entertainment, and lifestyle. She is committed to delivering clear, accurate, and reader-focused reporting that helps audiences stay informed about current events and emerging developments. Andrea’s work emphasizes useful information, balanced coverage, and stories that matter to everyday readers, making complex topics accessible and relevant to a wide audience.