A long-standing local gym chain, Physical Fitness, said on Friday it is closing down all of its branches for now, pending a restructuring.

The company cited high rents in some locations for the decision.

In an announcement, the company said it is bringing in new investors and is in talks with landlords regarding changes to leases.

It said certain branches will reopen when agreements are reached.

"Physical has been with everyone for 38 years, and we witnessed the ups and downs of the Hong Kong economy together," the chain said.

"Unfortunately we cannot accompany everyone until the end, this was indeed a very painful decision."

A member of the Kornill branch, Adela, told RTHK that she joined the gym a few months ago and thought paying HK$9,800 for a 10-year membership was a good deal.

"Right now I cannot go to do exercise and my stuff is still in the locker, and no one and nowhere can I contact them to get my stuff back," she said.

Another gymgoer said she had been told by staff at the Lok Fu branch that it would be closing by the end of this month because of lease expiry.

"They are so bad! They were still calling me a few days ago to try and get my money! They were offering me HK$3,000 for three more years or HK$5,000 for nine years," she said.

According to the company's website, it has 23 gyms across Hong Kong serving half a million members.