If you’re wondering how many 24 Hour Fitness locations have closed, you’re not alone. The company has faced tough times, including bankruptcy. The company had been in talks with creditors to rework its debt load, but those talks broke down around the time of the closures. As a result, the chain filed for Chapter 11 bankruptcy on March 23. The company has attributed its decline in profitability to COVID-19, a California law affecting the fitness industry. In the meantime, the gyms have had trouble attracting new members, a factor that led to the suspension of monthly membership dues.
134 gyms in 14 states
The chain of 24-Hour Fitness is closing 134 locations in 14 states and filing for Chapter 11 bankruptcy. Most of the closures are in California and Texas. A company representative declined to comment on how many jobs will be lost. However, it did say most of the 300 locations still in operation will reopen by the end of this month.
The closures are being blamed on a lingering coronavirus outbreak that has plagued many of the chain’s locations. The closures have pushed the chain into bankruptcy, and the company hopes to secure $250 million in debtor-in-possession financing. The money will help the chain reopen its clubs across the country.
Since the outbreak of the coronavirus, gyms have been among the hardest hit industries. The company closed 134 of its gyms, including 10 in the Denver metro area. But the company plans to reopen its remaining gyms by the end of 2020, so members can still use them to work out.
The company has more than 2.8 million current members and eight million lifetime memberships. The closest 24 Hour Fitness facilities to New York are in Tennessee and Missouri. There are also a few locations in Asia. About six thousand members live in the East, including six hundred in New York City and twelve hundred in New York State. There are many different classes offered at 24 Hour Fitness, including yoga and aerobics.
13 in the Bay Area
In the Bay Area, at least 13 24 Hour Fitness locations have closed. The company said Sunday that 10 of its gyms would close, and three more were added to the list on Monday. The company also announced closings in Southern California and the Central Valley. A list of the remaining gyms can be found here.
The closures affect 13 clubs in the Bay Area, including four in San Francisco. Others include Berkeley, Milpitas, Morgan Hill, Fairfield, Walnut Creek, and Alamo. In all, there are over 130 24 Hour Fitness locations nationwide. The company has not announced the number of layoffs that will result from the closures.
24 Hour Fitness recently filed for Chapter 11 bankruptcy protection, citing the devastating effects of COVID-19 on its business. The company says it will shut down 134 of its gyms, including four in the Bay Area. The closures affect nearly a third of its locations nationwide. While the company isn’t laying off employees, some locations will operate under “shelter-in-place” orders until August 1.
The company has announced the closure of nearly 100 of its gyms, including 13 in San Ramon. The South Bay is affected by three of the closures, while seven clubs in the Peninsula remain open. But the chain says it has secured $250 million in debtor-in-possession financing to allow the gyms to reopen after the coronavirus restrictions are lifted.
Four in New York City
New York City has seen a number of business closures this month, including four 24 Hour Fitness locations. A planned retail and residential complex in Oyster Bay was slated to open in March. That project was to replace a former Sears site on North Broadway. The company was also supposed to open in East Setauket. The new development was to be owned by Brixmor Property Group, a Manhattan-based real estate company.
The closure of these gyms comes as 24 Hour Fitness worldwide is in the process of restructuring its operations. As of April 15, the chain has suspended membership payments for its closed locations. The closures will help the chain eliminate debt. Many of the locations were outdated and located close to competing clubs.
Another chain that has been suffering is Gold’s Gym, which has filed for bankruptcy. While the chain is privately held, it has been hit by the effects of the pandemic. In May, the company said it was “deeply affected” by the situation. As a result, it temporarily closed many of its 700 locations and closed 30 in April. However, the company expects to emerge from bankruptcy in August.
The chain is also closing locations across the country. According to reports, the company has secured $250 million in funding to reorganize. The company is planning to open the remaining locations in phases and expects to reopen most by the end of June. The company has stated that members of its current locations will be able to continue working out in any of the remaining 24 Hour Fitness locations.