24 Hour Fitness Files For Bankruptcy

24 Hour Fitness announced the closure of about 130 gyms and filed for Chapter 11 bankruptcy to restructure its debt and cut costs. The company secured $250 million in funding to reopen some locations after COVID-19 forced closures. CEO Tony Uber stated that the pandemic's impact necessitated the filing. Other gyms like Gold's Gym also faced bankruptcy, with many middle-tier gyms struggling even before the pandemic. Consumers are shifting towards more affordable fitness options and home workouts, with Peloton seeing a significant revenue increase.

What significant action did 24 Hour Fitness take regarding its gyms?

What financial protection did 24 Hour Fitness file for, and what does it imply?

How much funding did 24 Hour Fitness secure to help reopen its locations?

What impact did COVID-19 have on 24 Hour Fitness's decision to file for Chapter 11?

What alternatives are people considering for fitness during the pandemic?