24 Hour Fitness Files For Bankruptcy, Closing Gyms
24 HOUR FITNESS FILES FOR BANKRUPTCY AND CLOSES 100 GYMS, DUE TO THE COVID-19 PANDEMIC SHUTDOWN
(CNN) – The 24 Hour Fitness company filed for bankruptcy Monday, announcing plans to close 100 gyms permanently in 14 states.
The pandemic forced the national fitness chain to keep its facilities closed for months.
24 Hour Fitness was in the process of slowly re-opening its 300 remaining clubs, before announcing the bankruptcy filing.
Competitor Gold’s Gym filed for bankruptcy in May in the wake of rapidly changing business conditions.
Because of coronavirus, there has been a surge of in-home fitness alternatives like Peloton.
Many of its customers have also been choosing lower-cost alternatives like Planet Fitness.
The pandemic has convinced others to choose boutique studio classes like Orange Theory instead.
24 Hour Fitness says the bankruptcy filing will allow them to re-structure and rebound in the near future.
The chain has undertaken an aggressive renovation to create a safer work-out environment going forward.