(Reuters) – Town Sports International Inc, the owner of New York Sports Clubs, filed for Chapter 11 bankruptcy on Monday and plans to sell itself, after the coronavirus pandemic forced its gyms to close and caused revenue to dry up.
Saying the pandemic “wreaked havoc” on its operations, Town Sports and 161 affiliates filed for protection with the U.S. Bankruptcy Court in Wilmington, Delaware.
As of March 31, Town Sports operated 185 fitness centers, including 99 New York Sports Clubs, with about 580,000 members.
The company’s brands also include gyms in Boston, Philadelphia and Washington, D.C. named for those cities, as well as Lucille Roberts and Total Woman Gym and Spa. Assets and liabilities totaled between $500 million and $1 billion.
Gym operators have suffered as the pandemic deprived them of the monthly membership and personal training fees that generate much of their revenue.
Gold’s Gym International Inc filed for