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24 Hour Fitness files for bankruptcy

Gym, Work Out , Exercise
(AP Photo/Jae C. Hong)

24 Hour Fitness has filed for bankruptcy and says it was forced to close 100 of it’s stores due to COVID-19.

Like many other businesses, the national chain of gym was closed over several months to encourage social distancing and to stop the spread of the virus.

“If it were not for Covid-19 and its devastating effects, we would not be filing for Chapter 11,”  CEO Tony Ueber said in a statement. “We expect to have substantial financing with a path to restructuring our balance sheet and operations to ensure a resilient future.”

In it’s Chapter 11 filing on Monday, the chain said that it has secured $250 million in funding which will help reopen some of its clubs, however, they will be coming back as a much smaller chain of roughly 300 clubs.

It is said that the chain expects to reopen towards the end of June.