The parent company of New York Sports Clubs and Lucille Roberts gyms,Town Sports International Holdings, has filed for Chapter 11 protection in the wake of a cash flow shortage due to the pandemic.
The gym is not closing up shop, however. It instead plans to restructure and "emerge as a thriving powerhouse in the fitness industry," it said on its website. It will continue to operate its facilities, which are mainly located on the East Coast, as it works its way through the bankruptcy process.
In other statements, the gym has warned shareholders that it was struggling due to closures related to the pandemic.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
