NEW YORK — Gym chain 24 Hour Fitness filed for bankruptcy and announced it would close over 100 locations amid the COVID-19 pandemic.
The national fitness chain announced Monday its voluntary Chapter 11 filing and secured about $250 million in financing to help the business’ reopening process that will “make our company stronger.”
“Removing these financial and operational constraints will allow us to focus on our network of approximately 300 existing clubs nationwide. We will have the financial flexibility to upgrade our equipment and expand and improve our fitness offerings to best serve our members and transformational journey,” the company’s CEO Tony Ueber said.
As states continue their reopening process, the company announced more than 130 clubs, including several in the New York City and New Jersey area, will not reopen. All members will have access to any available 24 Hour Fitness club through the end of 2020, regardless of membership level, the company added.
24 Hour Fitness and fitness centers have been among the businesses forced to close during the coronavirus outbreak.