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Town Sports International, the owner of New York Sports Clubs, filed for Chapter 11 bankruptcy on Monday after the coronavirus pandemic forced its gyms to close and caused revenue to dry up. The company’s assets and liabilities were in the range of $500 million to $1 billion, according to a court filing in the US …
Town Sports International, the owner of New York Sports Clubs, filed for Chapter 11 bankruptcy on Monday after the coronavirus pandemic forced its gyms to close and caused revenue to dry up.
The company’s assets and liabilities were in the range of $500 million to $1 billion, according to a court filing in the US Bankruptcy Court in Delaware.
Gym operators have suffered as the pandemic deprived them of the monthly membership and personal training fees that generate much of their revenue.
Gold’s Gym International filed for bankruptcy protection in May, followed by 24 Hour Fitness Worldwide in June.
As of March 31, Town Sports operated 185 fitness centers, including 99 New York Sports Clubs, with about 580,000 members.
Its brands also include gyms in Boston, Philadelphia and Washington, DC, named for those cities, as well as Lucille Roberts and Total Woman Gym and Spa.
The company was started as a small chain of squash clubs in New York City in 1973.
New York state allowed fitness centers to reopen this month at reduced capacity. Town Sports opened some gyms but many remain closed.
