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24-Hour Fitness files for bankruptcy, shutting down 100 gyms across U.S.

Posted at 5:48 AM, Jun 15, 2020
and last updated 2020-06-15 12:18:09-04

National gym chain 24-Hour Fitness filed for bankruptcy Monday morning and is set to close gyms across the country.

In its filing, 24-Hour Fitness said the reason for the closures is directly tied to COVID-19.

"If it were not for Covid-19 and its devastating effects, we would not be filing for Chapter 11," CEO Tony Ueber said in a statement. "We expect to have substantial financing with a path to restructuring our balance sheet and operations to ensure a resilient future."

24-Hour Fitness said it plans to close 100 gyms across the U.S.

The company said it's secured $250 million in funding, which will allow it to keep 300 gyms open.

It's not known if any 24-Hour Fitness locations in Kern County will be impacted by the bankruptcy.