Town Sports International, the owner of New York Sports Clubs, filed for Chapter 11 bankruptcy and plans to sell itself, Reuters reported. 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 & Spa.
- Dig Deeper: Flywheel Sports, the operator of spin boutiques that gained popularity with the rise of stationary biking, has filed for chapter 7 bankruptcy protection after closing all its gyms. Unlike chapter 11, which is typically used by companies seeking to reorganize, chapter 7 is used to wind down businesses and address unpaid bills. Unlike rival Peloton, it had relied heavily on bricks-and-mortar studios, WSJ noted.