24 Hour Fitness Files For Bankruptcy, Closing Dozens Of Texas Locations
NORTH TEXAS (CBSDFW.COM) - Gyms across Texas and the nation were closed for months during the coronavirus pandemic lockdown, now one national chain -- 24 Hour Fitness -- has filed for bankruptcy.
In the Chapter 11 filing Monday 24 Hour Fitness said it has secured $250 million in funding to help reopen some of its clubs and expects a majority of locations to be reopened later this month. But the company will be closing 11 locations in North Texas and more than 120 other gyms across the United States.
"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 for many years to come," CEO Tony Ueber said in a statement.
The closures will leave roughly 300 clubs up and running.
Gold's Gym filed for bankruptcy in May. Gold's permanently closed 30 locations in April and officials with the company say they expect to emerge from bankruptcy in August.
Click here to see the complete list of 24 Hour Fitness locations closing across the country.