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24 Hour Fitness Files For bankruptcy, Closes 100 Gyms

danieltx

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This really sucks, but it was inevitable given their last few years of financial strain.

I've been a member for close to 10 years and my home gym since 2012 is a location that's permanently closed. Passed by it and another 24 I'd hit every 2-3 months yesterday and it was a sad reminder I won't be back there again.

https://www.cnn.com/2020/06/15/investing/24-hour-fitness-bankruptcy/index.html

National gym chain 24 Hour Fitness has filed for bankruptcy, after the Covid-19 pandemic forced its facilities shut for months.

24 Hour Fitness said Monday in its Chapter 11 filing that it has secured $250 million in funding to help reopen some of its clubs and expects a majority of locations to be open by the end of June. However, it's emerging as a smaller chain: It permanently closed 100 US locations in 14 states with roughly 300 clubs remaining.

"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. "We expect to have substantial financing with a path to restructuring our balance sheet and operations to ensure a resilient future."

He also said the restructuring will result in "reinvestment in our existing clubs, opening new clubs and introducing several new innovative products and services." 24 Hour Fitness, which began in 1985, is a privately held company.

Middle-tier gym chains are struggling with customers switching to less-expensive fitness facilities, such as Planet Fitness. People are also flocking to boutique studio classes, including OrangeTheory, or in-home alternatives, such as Peloton, which recently reported a surge in members because of the pandemic.

Gold's Gym, a similar chain to 24 Hour Fitness, filed for bankruptcy in May. The company said the virus affected it "deeply and in many ways," which included the temporary closures of many of its 700 global gyms. Gold's permanently closed 30 locations in April and expects to emerge from bankruptcy in August.
24 Hour Fitness also sent an email to members announcing the bankruptcy this morning but it had nothing substantial beyond what's in this article.
 

LoweRider

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Good, fuck them.

Never had a good experience at any of their gym anywhere in the US. Shitty customer service when I had a membership with them when I lived in CO. Rude ass people, unclean locker rooms, and lights that didn't work at one in TX that I tried.

I'm glad they're going under.
 

Wynn

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Gym chain 24 Hour Fitness announced Monday it has filed for Chapter 11 bankruptcy and will permanently close more than 130 gyms, including seven in New Jersey.

The company says the bankruptcy filing is due to the “disproportionate impact of the COVID-19 pandemic.”

The seven New Jersey locations that will permanently close are:

Avenel: 1624 Saint Georges Ave.
Hasbrouck Heights: 459 Route 17
Jersey City: 918 Bergen Ave.
Parsippany: 30 Sylvan Way
Piscataway: 1327 Centennial Ave.
Saddle Brook: 189 U.S. Highway 46
Wayne: 133 Route 23
That will leave just five 24 Hour Fitness gyms left in New Jersey, located in Englewood Cliffs, North Brunswick, Paramus, Ramsey and Springfield. All remain temporarily closed due to the coronavirus.

 

DrBeefcake777

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Good, fuck them.

Never had a good experience at any of their gym anywhere in the US. Shitty customer service when I had a membership with them when I lived in CO. Rude ass people, unclean locker rooms, and lights that didn't work at one in TX that I tried.

I'm glad they're going under.
I was a member until this past January. I liked it ok. The only problem is if the 24 in my town closes, my little new niche gym that everyone is realizing is the best around may get super busy. Im already lifting late nights after I close down the bar so I can workout without having to navigate tons of people.

It is surprising to me bc the ones here in TX Ive seen have all stayed busy as far as Ive seen. LA Fitness is the one I figured would go under. It never has that many people at any of the 3 around me
 

danieltx

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It is surprising to me bc the ones here in TX Ive seen have all stayed busy as far as Ive seen. LA Fitness is the one I figured would go under. It never has that many people at any of the 3 around me
LA Fitness is in the best shape financially of any commercial chain gym, no risk of them going under.

I trained at one yesterday and the manager said he expects them to pick up some of the 24 Hour Fitness clubs being closed - they've done the same with Bally's and other big names that have gone under over the years.
 

Biggerp73

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The 24 hour in my town shutdown permanently last week. Good for my buddy who owns the gym I train at, I suppose. I am a little concerned about it being overcrowded now. But on the other hand, I suppose all the good looking women who used to train at 24 will probably be in my gym now.

On that note it may be time for another mini-cut.
 

method2madness

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Gym chain 24 Hour Fitness announced Monday it has filed for Chapter 11 bankruptcy and will permanently close more than 130 gyms, including seven in New Jersey.

The company says the bankruptcy filing is due to the “disproportionate impact of the COVID-19 pandemic.”

The seven New Jersey locations that will permanently close are:

Avenel: 1624 Saint Georges Ave.
Hasbrouck Heights: 459 Route 17
Jersey City: 918 Bergen Ave.
Parsippany: 30 Sylvan Way
Piscataway: 1327 Centennial Ave.
Saddle Brook: 189 U.S. Highway 46
Wayne: 133 Route 23
That will leave just five 24 Hour Fitness gyms left in New Jersey, located in Englewood Cliffs, North Brunswick, Paramus, Ramsey and Springfield. All remain temporarily closed due to the coronavirus.

I'm in Jersey and have never been to any 24 hour fitness gyms. I've not heard good things about them and it's not a surprise they are experiencing trouble.
 

pheenix

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Im in NY and was going to a very large 24 was terrible.
 

DrBeefcake777

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LA Fitness is in the best shape financially of any commercial chain gym, no risk of them going under.

I trained at one yesterday and the manager said he expects them to pick up some of the 24 Hour Fitness clubs being closed - they've done the same with Bally's and other big names that have gone under over the years.
Thats good to hear for sure. I guess just the ones in Fort Worth arent super busy, but sounds like the company is run better as a whole.

I was an operations manager (front desk manager) at LA for a couple years in my early 20's. I fuckin hated that job.

Didnt have funds for us to auto-draft? I called a huge list of people and got hung up on and cussed at daily, but if I got the same card to go thru got $5 and if I got a new card on file I got $10 so on top of my salary I made ok money for a 21 year old.
 

DrBeefcake777

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LA Fitness is in the best shape financially of any commercial chain gym, no risk of them going under.

I trained at one yesterday and the manager said he expects them to pick up some of the 24 Hour Fitness clubs being closed - they've done the same with Bally's and other big names that have gone under over the years.
Thats good to hear for sure. I guess just the ones in Fort Worth arent super busy, but sounds like the company is run better as a whole.

I was an operations manager (front desk manager) at LA for a couple years in my early 20's. I fuckin hated that job.

Didnt have funds for us to auto-draft? I called a huge list of people and got hung up on and cussed at daily, but if I got the same card to go thru got $5 and if I got a new card on file I got $10 so on top of my salary I made ok money for a 21 year old.
 

thethinker48

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Thats good to hear for sure. I guess just the ones in Fort Worth arent super busy, but sounds like the company is run better as a whole.

I was an operations manager (front desk manager) at LA for a couple years in my early 20's. I fuckin hated that job.

Didnt have funds for us to auto-draft? I called a huge list of people and got hung up on and cussed at daily, but if I got the same card to go thru got $5 and if I got a new card on file I got $10 so on top of my salary I made ok money for a 21 year old.
That makes sense to me now

I trained at LA using a guest pass once

The manager there would call me every single day and leave messages asking when I'm coming back to sign up. Then Covid 19 happened and he stopped calling
 

DrBeefcake777

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That makes sense to me now

I trained at LA using a guest pass once

The manager there would call me every single day and leave messages asking when I'm coming back to sign up. Then Covid 19 happened and he stopped calling
Hahhaha yeah. I always worked on commission sales in my early 20s so that extra incentive makes it like dangling a carrot over you.

If you ever go to GNC theres a reason Cell-TRech and Nitro-Tech are pushed so heavily too. The commissions they pay on Muscle-Tech products are nuts compared to others. $60 tub of cell-tech the associate gets like $8. I was a store manager of a GNC for 2 years and I would sling the hell outta muscle-tech and BSN
 

buck

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That makes sense to me now

I trained at LA using a guest pass once

The manager there would call me every single day and leave messages asking when I'm coming back to sign up. Then Covid 19 happened and he stopped calling
One of the reasons I never give out my real phone number to hardly any business.
 

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