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It’s back to home workouts in Saudi as Leejam closes its gymsMENA

It’s back to home workouts in Saudi as Leejam closes its gyms

We all saw it coming, we just didn’t want to believe it!

Gyms in Saudi Arabia are closing their doors (temporarily, hopefully) to help curb the spread of the novel coronavirus, following government orders.

Leejam Sports Company, Saudi Arabia’s largest fitness operator, saw its shares slump 5% after it announced all of its gyms across the country would close for a period of 10 days. Although, that could be extended, based on further restriction orders.

The first time Leejam gyms had to close on March 15, they didn’t open again until June 21. Their Q3 results for last year showed the pandemic closures cost them SR257m (around $68m) in lost revenue. So, another round of restrictions is bad news to the company.

Seems like you gym nuts will have to bring your dumbbells out of storage again!

why it matters
The health and fitness industry has taken a big toll throughout the pandemic. Leejam said it’s still in “the process of evaluating the financial impact of the closure of its centers,” but if this initial 5% stock drop is any indication of what’s to come, let's hope for Leejam (and waistlines) that the restrictions won’t last as long this time around.