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The company that runs New York Sports Club and Lucille Roberts gyms filed for bankruptcy protection on Monday as memberships and overall business decline in parts of the nation still grappling with the novel coronavirus pandemic.
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Town Sports International Holdings Inc., which also operates Boston Sports Club, Washington Sports Club and Total Woman Gym and Spa, said Monday that it can no longer pay its debts.
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|CLUB||TOWN SPORTS INT. HLDGS||0.32||+0.05||+18.12%|
The company lost $136 million during the first quarter this year, only a fraction of which included state- and city-mandated shutdowns of retail shops, gyms, salons, restaurants and bars. By the end of the three-month reporting period, 95% of Town Sports’ clubs had been closed.
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Town Sports operates 185 clubs and serves 580,000 members, mostly in the Northeast.
Gyms have been allowed to reopen at a fraction of their capacity in some regions like the Northeast. Those who do go to gyms in New York City are required to wear a mask at all times and gyms can only operate at one-third capacity. Group fitness classes are still not permitted.
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Gold’s Gym sought bankruptcy protection in May, while 24 Hour Fitness Worldwide filed for bankruptcy one month later.
The Associated Press contributed to this report.
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