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Its Official Now - 24 Hour Fitness Gym Chain Closed 100 Locations after it Filed for Bankruptcy

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[FONT=&quot]We brought you this story a couple months ago with golds gym and as well as many other big gyms, as well as the writing on the wall for 24 hour fitness chain, and now its official! Very Sad!


On Monday, the fitness chain announced that it was “implementing a financial restructuring, through a voluntary Chapter 11 filing.”[/FONT]
[FONT=&quot]“This process gives us the opportunity to reposition 24 Hour Fitness by eliminating debt and closing clubs that were either out-of-date or in close proximity with other 24 Hour Fitness clubs,” the company wrote in a statement shared on its website.[/FONT]
[FONT=&quot]CEO Tony Ueber pointed toward the impact of the COVID-19 crisis on the company’s decision.[/FONT]
[FONT=&quot]"If it were not for COVID-19 and its devastating effects, we would not be filing for Chapter 11," he said in a statement, while maintaining hope about the company's future. “We expect to have substantial financing with a path to restructuring our balance sheet and operations to ensure a resilient future. The COVID-19 environment has proved that attention to health and fitness are more important now than ever before.”[/FONT]
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[FONT=&quot]Although the company still plans to reopen many clubs across the county by the end of June, it will also permanently close over 130 gyms. The majority of the gyms affected by the closures are in California and Texas. When reached for comment by Business Insider, a company representative declined to comment on how many employees would be affected by the decision.[/FONT]
[FONT=&quot]While clubs are in the process of reopening, all club members will be granted access to any 24 Hour Fitness location near them through the end of 2020.[/FONT]
[FONT=&quot]24 Hour Fitness will also be adopting a number of safety precautions, including a reservation system for workouts, touch-free check-ins as well as strict cleaning and social distancing guidelines.[/FONT]
[FONT=&quot]RELATED: 27 Free or Low-Cost Workouts You Can Do At Home While Social Distancing Because of Coronavirus[/FONT]
[FONT=&quot]24 Hour Fitness is not the first company of its kind to declare bankruptcy in recent months.

[/FONT]
[FONT=&quot]Gold’s Gym announced its filing in May, saying that the global health crisis had caused them to “take immediate action.” Although the chain had previously announced they were permanently closing 30 locations, they said that their remaining 700 locations would remain open during the restructuring process.[/FONT]
[FONT=&quot]Fitness chain YogaWorks announced in April that it would be permanently closing all of its New York City locations.

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[FONT=&quot]As information about the coronavirus pandemic rapidly changes, PEOPLE is committed to providing the most recent data in our coverage. Some of the information in this story may have changed after publication. For the latest on COVID-19, readers are encouraged to use online resources from CDC, WHO, and local public health departments. PEOPLE has partnered with GoFundMe to raise money for the COVID-19 Relief Fund, a GoFundMe.org fundraiser to support everything from frontline responders to families in need, as well as organizations helping communities. For more information or to donate, click here.[/FONT]
 
I cant imagine the amount of money it took to keep paying the bills for all those gym chains while they were closed down. Shit we here at MuscleChemistry had a hard time keeping both of our offshore dedicated servers online among many other bills here. So i feel for them! I truly hope they bounce back better than ever!
 
yellow snow said:
Hate that place..................free pizza for the fatty's.............but thumbs up!!
Click to expand...

DO YOU REMEMBER THAT COMMERCIAL LMAO, THE PIZZA ONE, LMAO WHAT A JOKE, AND THE COMMERCIAL WHERE THEY SHOPWED THE BODYBUILDERS OUT THE BACK DOOR OF THE GYM, "I PICK THINGS UP AND PUT THEM DOWN"

UNREAL
 
Presser said:
DO YOU REMEMBER THAT COMMERCIAL LMAO, THE PIZZA ONE, LMAO WHAT A JOKE, AND THE COMMERCIAL WHERE THEY SHOPWED THE BODYBUILDERS OUT THE BACK DOOR OF THE GYM, "I PICK THINGS UP AND PUT THEM DOWN"

UNREAL
Click to expand...
Everytime I see someone with a "thumbs up" planet fitness t-shirt I wonder about the persons interlligence. If they handed out these free t-shirts it would never touch my skin. I would use it as a rag only...............if I ever see my kids with one I would disown them :)
 
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