Health Care

New York Sports Clubs Owner Succumbs To Bankruptcy Protection

New York Sports Clubs Owner Succumbs To Bankruptcy Protection”

The good news is that even with this filing, the company says it's not planning to shut down any gyms right now.

Before the pandemic, Town Sports was looking to buy Flywheel's spin studios to gain potential new business and financing. As the focus on exercise and overall healthy lifestyles continue to impact the health club industry, the Company believes that it is well-positioned to benefit from these dynamics as a large operator with recognized brand names, leading regional market shares and established operating history.

The fitness chain's Chapter 7 petition filed in NY late Monday estimates as much as $100 million in liabilities and no more than $50 million in assets.

During second quarter 2020 when numerous company's clubs were forced to temporarily close due to the COVID-19 pandemic, the company permanently closed eight clubs, and it expected to permanently close additional clubs in the third quarter, it said in the first quarter filing. Its 2013 Term Loan Facility of $177.78 million was due on November 15, 2020, but the company did not have sufficient sources of cash to satisfy this obligation and a plan to refinance it in advance of its maturity date fell through.

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The parent company will continue to operate its facilities normally throughout the bankruptcy filing process, and members should not notice any changes to their "fitness journeys", according to Boston Sports Clubs.

There are now 15 New York Sports Club locations in New Jersey. Due to state restrictions imposed to slow the spread of the novel coronavirus, the company had temporarily closed all of its locations by the end of March. It laid off some employees and stopped paying rent at some locations. By April, the company was weighing bankruptcy, Bloomberg reported. Most of Town Sports' locations are in the Northeast.

With most clubs closed for the past four-to-five months, Juhan said Town Sports remained cautiously optimistic for a reopening strategy.

New York-based Flywheel offered in-studio and on-demand cycling and strength classes across US cities including Boston, Chicago, Washington and Seattle.

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