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Consumer Law

Gym Chain YouFit Files for Bankruptcy

Gym chain YouFit Health Clubs LLC filed for bankruptcy on Monday, joining a growing list of fitness peers forced to seek court protection from creditors amid the pandemic.

The Chapter 11 filing in Delaware allows YouFit to continue operating while it works out a plan to repay creditors, which could include seeking a buyer. YouFit’s petition listed liabilities totaling as much as $500 million and assets of no more than $100 million.

Consumers were forced to stay away from communal gyms as the Covid-19 pandemic spread across the globe this year, leaving chains like 24 Hour Fitness Worldwide Inc. and Gold’s Gym International Inc. without customers. Many U.S. states have now allowed gyms to reopen, but with restrictions on capacity.

Read the source article at Detroit Local News

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