Wednesday, September 30, 2020

24 Hour Fitness Has Filed for Bankruptcy

Must Read

Dogs Being Used at Helsinki Airport to Sniff Out Covid-19 by Smelling Sweat

Dogs are employed at Helsinki Airport to sniff out possible signs of Covid-19.

Kraft Releases Limited Edition Pumpkin Spice Mac and Cheese

Pumpkin Spice Mac and Cheese is officially coming from Kraft

The Box Set for “Promised Neverland” is Full of Details You May Have Missed

The "Promised Neverland" Blu-Ray set is available now!
Grayce Sakamoto
Hello! I am a writer for Nerdbot.com and am excited to expand my horizons in writing and nerd culture. As Voltaire once said, "Writing is the painting of the voice!"

24 Hour Fitness while one of our favorite places to work out is now filing for bankruptcy. They announced it on twitter that they would be closing 100 locations across 14 states. Around 300 gyms will remain throughout the nation.

Amid this quarantine, countless facilities were forced to close down to help prevent the spread.  Since then, many corporations and businesses have declared bankruptcy, such as Cirque du Soleil and Chuck E. Cheese.  Last Monday, 24 Hour Fitness announced that they are going to undergo financial reconstruction through a voluntary chapter 11 filing.  

The announcement on twitter:

“This process gives us the opportunity to reposition 24 hour fitness by eliminating debt and closing clubs that were either out-of-date or in close proximity with other 24 hour fitness clubs.”

24 Hour Fitness

“If it were not for COVID-19 and its devastating effects, we would not be filing for Chapter 11,” CEO Tony Ueber said in a statement.

The privately owned and operated company has also acquired $250 million in funding, which will help its reconstructing and reopening.  

Under state and local government, and public health agency guidelines they’ve begun to reopen gyms nationwide.  They expect most of their locations to open up by the end of June.  While the gyms remain open, all club members will have access to any of the facilities, no matter the membership level.  

“As a result of this restructuring, we will gain financial strength and flexibility to accelerate our business transformation plan, which includes reinvestment in our existing clubs, opening new clubs and introducing several new innovative products and services that will enhance the fitness experience for our club members and guests fro many years to come.”

Tony Ueber, CEO

Cover Photo: 24 Hour Fitness

Are you a member?  What do you think of this development?  Let us know in the comments! 

Latest News

Brain Eating Amoeba Found in Texas Water Supply

They are currently giving out bottled water until they can get the bacteria safely out of their systems.
Html code here! Replace this with any non empty raw html code and that's it.

Kraft Releases Limited Edition Pumpkin Spice Mac and Cheese

Pumpkin Spice Mac and Cheese is officially coming from Kraft

The Box Set for “Promised Neverland” is Full of Details You May Have Missed

The "Promised Neverland" Blu-Ray set is available now!

The New Box Set for “Demon Slayer” is to Die For

If you love "Demon Slayer Kimetsu No Yaiba" this box set is a must have.

Blumhouse Adapting Stephen King’s”Firestarter,” Zac Efron to Star

Yet-another Stephen King adaptation is on the way, and it's one we haven't gotten a new take on in awhile. The last...
- Advertisement -

More Articles Like This