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Consumer Law

Flywheel Sports Plans to Shut Down After Filing for Bankruptcy

Spinning gym chain Flywheel Sports has filed for bankruptcy with plans to shut down its business, making it the latest victim of the coronavirus pandemic.

Flywheel — known for its intense, bicycle-based classes — submitted a bankruptcy petition this week under Chapter 7 of the US bankruptcy code, which companies use to sell off their assets and pay outstanding debts.

The New York-based outfit will permanently close all 42 of its studios around the US and lay off its 1,200 employees, some of whom grieved the company’s demise on social media, according to online news outlet Insider.

Read the source article at New York Post

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