“If it had been not for Covid-19 and its devastating results, we would not be filing for Chapter 11,” CEO Tony Ueber reported in a statement. “We hope to have sizeable funding with a route to restructuring our stability sheet and operations to make sure a resilient upcoming.”
He also reported the restructuring will outcome in “reinvestment in our current golf equipment, opening new clubs and introducing several new innovative merchandise and solutions.” 24 Hour Health, which started in 1985, is a privately held enterprise.
Gold’s Fitness center, a comparable chain to 24 Hour Health, filed for personal bankruptcy in May. The corporation stated the virus impacted it “deeply and in quite a few strategies,” which included the temporary closures of a lot of of its 700 world gyms. Gold’s forever closed 30 places in April and expects to emerge from personal bankruptcy in August.
Also on Monday, the owner of New York Athletics Club and selection of other gyms predominantly on the East Coast warned it’s contemplating personal bankruptcy mainly because of the momentary closures sparked by the pandemic.
Town owns around 200 gyms, such as Sports Club branded spots in Boston, Philadelphia and Washington, DC, and also Lucille Roberts, a women’s-only gymnasium in New York.