Two Major Gyms Just Filed for Bankruptcy
According to Business Insider, there’s now a growing list of exercise companies that have filed Chapter 7 or 11 bankruptcy this year. Cyc Fitness, a popular cycling studio chain owned by Cyc Holdings in Delaware, filed for Chapter 11 earlier this month, as did Yogaworks, an indoor yoga chain out of California. YogaWorks also announced that it’s closing all 55 of its locations nationwide (after already closing all of its spots in New York City back in April.)
Like your favorite independently-owned and national restaurant chains, gyms and indoor fitness facilities were forced to close in most parts of the country because of the coronavirus pandemic. Americans who relied on these businesses were forced to find new ways to exercise at home, and many gyms paused collecting membership dues from clients during such trying times.
