MANILA - The highly exclusive Tower Club on Sunday said it is permanently closing amid growing operating losses.
The Club’s shareholders have approved a plan for its permanent closure amid expectations that these losses will continue to rise and become more unsustainable because of the COVID pandemic’s devastating impact on the dining, entertainment and leisure sector, the Club said.
The Tower Club was established in 2001 as an executive business club.
With its decorum of exclusivity and privacy, the Club provided a premier venue for meetings of eminent business groups as well as for social gatherings, the Club said on its website.
“In its annual general shareholders’ meeting held at the Club and via videoconference on Friday afternoon, 25 September, the shareholders voted to shorten TCI’s corporate life, effective 31 January 2022, subject to regulatory approvals. The shareholders also approved the permanent closure of the Club’s food outlets and gym, which have been closed due to the pandemic,” the Club said in a statement.
Declining patronage and higher delinquency rates from the non-payment of monthly dues had outweighed efforts to maintain operating expenses, the Club said. The COVID pandemic worsened the situation.
The TCI Board will work on the Club’s orderly closure and ensure compliance to regulatory obligations, it said.