Fitness clubs rocked by Covid-19 closures face a swell of bankruptcies with more than $10 billion of revenue wiped out as clients ditch memberships, according to investment bank Harrison Co.
In a Harrison survey of 1,000 fitness club users, more than a third said they have canceled or plan to terminate existing memberships.
“There are 38,000 locations throughout the U.S., and about a third have a reasonably high probability of being shut down,” Paul Byrne, an investment banker at Harrison who was formerly president at elliptical-maker Precor, said in a Bloomberg Television interview. A large number are “probably not going to make it through this.” . . . more