Wednesday, June 17, 2020

24 Hour Fitness Files For Bankruptcy

SGB
24 Hour Fitness has filed for bankruptcy after the coronavirus pandemic forced its facilities shut for months. The chain has permanently closed 100 U.S. locations in 14 states with roughly 300 clubs remaining.

In conjunction with the Chapter 11 filing, the company said it expects to secure approximately $250 million in debtor-in-possession (DIP) financing. Subject to Court approval, the DIP financing, combined with the company’s cash from operations, is expected to provide sufficient liquidity and allow the company to continue operations, including club reopenings, without interruption during the Chapter 11 process.. . . more