NY Sports Club latest chain to seek bankruptcy protection

Boston Sports Club

The largest debtor, ABC Realty in NY, is owed $1.25 million. Gold's Gym International sought court defense from its creditors in May, and 24 Hour Fitness applied for bankruptcy in June.

NY and New Jersey recently allowed certain gyms to reopen at limited capacity.

The company's assets and liabilities were in the range of $500 million to $1 billion, according to a court filing in the U.S. Bankruptcy Court in Delaware.

Before the pandemic, Town Sports was looking to buy Flywheel's spin studios to gain potential new business and financing.

Town Sports International, which operates hundreds of gyms under the New York Sports Clubs, Boston Sports Clubs, Philadelphia Sports Clubs, Washington Sports Clubs, Lucille Roberts, Total Woman, and Around the Clock Fitness banners, filed for Chapter 11 bankruptcy on Monday. Its 2013 Term Loan Facility of $177.78 million was due on November 15, 2020, but the company did not have sufficient sources of cash to satisfy this obligation and a plan to refinance it in advance of its maturity date fell through.

The company signs up with a variety of fitness center operators grappling with the pandemic, trying to find ways to adjust but struggling to do so.

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Town Sports, which has about 600,000 members, said it isn't preparing to permanently close any of its almost 200 places.

CNN reports that the company laid off "much" of its 7,000-person workforce earlier this year to preserve cash.

Town Sports plans to emerge as an "even stronger company, better positioned to serve members into the future", it said in a statement while also adding that it's "deeply grateful" for its customers' "continued loyalty".

The owner of one of the largest gym chains in the Northeast and in the Hudson Valley is filing for bankruptcy.

Town Sports will also continue to pay and provide benefits to its employees through the restructuring process.

New York Sports Clubs has 12 locations in the Hudson Valley, including eight in Westchester and two apiece in Rockland and Putnam.

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