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24 Hour Fitness files for bankruptcy

  • 24 Hour Fitness Worldwide has filed for Chapter 11, unable to keep up with debt payments following an extended shutdown caused by the coronavirus pandemic.
  • It's also permanently closing 100 locations, nearly a quarter of its gyms, which could potentially leave the gym playing field smaller for Planet Fitness (NYSE:PLNT) and Town Sports International (NASDAQ:CLUB).
  • Roughly 28 of 100 U.S. gym members are expected to bail this year, according to trade group International Health, Racquet & Sportsclub Association.
  • Related: Nautilus (NYSE:NLS) and Peloton Interactive (NASDAQ:PTON).

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