24 Hour Fitness gym chain files for bankruptcy

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Gym chain 24 Hour Fitness filed for Chapter 11 bankruptcy protection on Monday, a victim of the coronavirus lockdown that has shuttered thousands of health clubs across the country.

The news was not a huge surprise, as the San Ramon, Calif.-based company laid off a number of employees, including personal trainers, fitness instructors and sales staff, earlier this month.

The chain, owned by private equity firm AEA Investors and the Ontario Teachers’ Pension Plan, operates 445 gyms across the US, and has plans to permanently close 145 of its facilities, the Wall Street Journal reported.

Gold’s Gym, another well-known fitness chain, filed for Chapter 11 in May.

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