Post a Free Blog

Submit A Press Release

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Filter by Categories
Action
Animation
ATP Tour (ATP)
Auto Racing
Baseball
Basketball
Boxing
Breaking News
Business
Business
Business Newsletter
Call of Duty (CALLOFDUTY)
Canadian Football League (CFL)
Car
Celebrity
Champions Tour (CHAMP)
Comedy
CONCACAF
Counter Strike Global Offensive (CSGO)
Crime
Dark Comedy
Defense of the Ancients (DOTA)
Documentary and Foreign
Drama
eSports
European Tour (EPGA)
Fashion
FIFA
FIFA Women’s World Cup (WWC)
FIFA World Cup (FIFA)
Fighting
Football
Formula 1 (F1)
Fortnite
Golf
Health
Hockey
Horror
IndyCar Series (INDY)
International Friendly (FRIENDLY)
Kids & Family
League of Legends (LOL)
LPGA
Madden
Major League Baseball (MLB)
Mixed Martial Arts (MMA)
MLS
Movie and Music
Movie Trailers
Music
Mystery
NASCAR Cup Series (NAS)
National Basketball Association (NBA)
National Football League (NFL)
National Hockey League (NHL)
National Women's Soccer (NWSL)
NBA Development League (NBAGL)
NBA2K
NCAA Baseball (NCAABBL)
NCAA Basketball (NCAAB)
NCAA Football (NCAAF)
NCAA Hockey (NCAAH)
Olympic Mens (OLYHKYM)
Other
Other Sports
Overwatch
PGA
Politics
Premier League (PREM)
Romance
Sci-Fi
Science
Soccer
Sports
Sports
Technology
Tennis
Thriller
Truck Series (TRUCK)
True Crime
Ultimate Fighting Championship (UFC)
Uncategorized
US
Valorant
Western
Women’s National Basketball Association (WNBA)
Women’s NCAA Basketball (WNCAAB)
World
World Cup Qualifier (WORLDCUP)
WTA Tour (WTA)
Xfinity (XFT)
XFL
0
-- Advertisement --spot_img
HomeBreaking News24 Hour Fitness files for bankruptcy and closes 100 gyms

24 Hour Fitness files for bankruptcy and closes 100 gyms

Add to Favorite
Added to Favorite

COVID- 19 has forced another retail chain to go out of business. 24 Hour Fitness has filed for bankruptcy after the COVID-19 pandemic forced its facilities to   shut-down during the pandemic.

24 Hour Fitness is filing  Chapter 11 filing  and has secured  $250 million in funding to help reopen some locations and looks to close most of its locations permanently. The gym just closed  100 US locations in 14 states. It  currently has approximately 300 clubs remaining with future closures at various locations.

Since COVID-19 and stay at home orders Gold’s Gym  filed for bankruptcy in May. Gold’s Gym was forced to temporarily closes 700  of its global locations.

Competition in the industry with lower priced gyms such as Planet Fitness, Inc. (PLNT) NYSE and in-home workout solutions offered online have driven down other chains membership growth, drastically reducing cash flow. Companies like Peloton Interactive, Inc. (PTON) Nasdaq, an in-home fitness cycle equipment maker that offers online spinning classes have also taken membership away from traditional health clubs for the sheer convenience of offering a workout that can be done at home.

24 Hour Fitness is a privately owned and operated fitness center chain headquartered in San Ramon, California. 24 Hour Fitness USA, Inc. announced Chris Roussos has been named Chief Executive Officer in   2017. 24 Hour Fitness ® is owned by AEA Investors, Ontario Teachers’ Pension Plan and Fitness Capital Partners.  During his career, Roussos has driven the success of fast-growth, multi-unit companies. Most recently, he served as CEO of Epic Health Services, and his rise from business entrepreneur to head of private equity backed companies has earned industry recognition.  Source: https://www.24hourfitness.com/company/press_room/press_releases/2017/20170516.html

CWEB.com is not registered as an investment adviser with the U.S. Securities and Exchange Commission. Rather, CWEB.com relies upon the “publisher’s exclusion” from the definition of investment adviser as provided under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws.

Subscribe to get Latest News Updates

Latest News

You may like more
more

Airbnb Offers Optimistic Outlook Amid Mixed Q3 Results, Shares Drop 4 percent

Airbnb (NASDAQ:ABNB) presented an optimistic forecast for the fourth...

Dropbox Posts Earnings Beat But Revenue Growth Stalls

Dropbox (NASDAQ:DBX) reported third-quarter earnings that exceeded analyst projections,...

TriplePoint Venture Growth (NYSE:TPVG) Analyst Update and Financial Overview

Piper Sandler analyst Crispin Love sets a price target...