'24 Hour Fitness filed for bankruptcy just days after announcing it would be closing 130 gyms --across the U.S. The company filed for Chapter 11 protection which doesn\'t mean it will be going out of business. Instead, the court-supervised restructuring will attempt to reduce the company\'s debt load and cut costs. The Fitness Giant secured around $250 million in funding to reopen some locations and resume business after being forced to close for months amid the pandemic. It expects the majority of its 300 clubs to re-open in July. 24 Hour Fitness CEO said in a statement, We expect to hav financing with a path to restructuring our balance sheet and operations to ensure a resilient future.\" 24 Hour Fitness joins a number of other gyms that have struggled from closures amid the pandemic. Golds Gym also filed for bankruptcy in May after permanently closing 30 of its locations a month earlier. People are now looking for more wallet-friendly fitness clubs or home workout alternatives such as Peloton, which reported a 66% surge in revenue during the pandemic. For Press Breaker News, I’m 5kchuck'
Tags: COVID19 , CNN , Sandy Springs , 24hourfitness , Pressbreakernews , 5kchuck , charlessharper , coachsharper , foxiness
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