•   
  •   
  •   

Health & Fit New York Sports Club Owner Warns of Bankruptcy With Gyms Shut

03:35  02 september  2020
03:35  02 september  2020 Source:   msn.com

CrossFit gyms around the world are rebranding after the CEO's insensitive comments about George Floyd: 'They don't own the workout'

  CrossFit gyms around the world are rebranding after the CEO's insensitive comments about George Floyd: 'They don't own the workout' CrossFit CEO Greg Glassman made insensitive comments about George Floyd. Within a day, hundreds of gyms in a dozen countries have denounced the brand.On June 5, CrossFit gym owner Alyssa Royse of Rocket Fitness emailed corporate headquarters asking for a public statement to affirm its commitment to community members. The response, from CrossFit CEO Greg Glassman, quickly spread among the CrossFit community. In his email reply, he calls Royse "delusional" and "disgusting," according to a screenshot of the email posted on the Rocket Fitness blog.

The owner of the New York Sports Clubs chain is considering a bankruptcy filing as gyms across A closed New York Sports Club location in New York on March 16. Another weakness came in the company’s annual report, which warned last month that there’s substantial doubt about its survival.

National gym chain 24 Hour Fitness has filed for bankruptcy , after the Covid-19 pandemic forced its facilities shut for months. Also on Monday, the owner of New York Sports Club and number of other gyms predominantly on the East Coast warned it's considering bankruptcy because of the

(Bloomberg) -- The owner of the New York Sports Clubs chain said it may need to file for bankruptcy “in the near future” as many gyms across the country remain closed to stem the spread of Covid-19.

A client lifts a dumbbell in a © Bloomberg A client lifts a dumbbell in a "Butt & Legs" class at the Chelsea location of Barry's Boot Camp in New York, U.S., on Tuesday, July 16, 2013.

Town Sports International is in talks with its lenders to refinance a loan coming due this fall as its cash flow and liquidity continue to tighten, the company said in a regulatory filing Tuesday. The gym owner and operator said it doesn’t have enough cash on hand to repay the debt when it comes due in November.

MLB, MLBPA reportedly making final negotiation effort

  MLB, MLBPA reportedly making final negotiation effort Are your plants not looking as lush and colorful as you hoped? Make sure you haven't made any of these missteps.

Health clubs will be limited to a third of their total capacity and must meet state requirements before reopening, the governor said. Gyms in New York , which have remained shuttered for months even as the state made progress in fighting the coronavirus, will be allowed to open again as soon as Aug.

N . Y . Sports Clubs Owner Considers Bankruptcy While Gyms Stay Shut . New Research: Key Drivers of Growth for Town Sports International, Stanley Black & Decker, Newpark Resources, Mattel, Carlisle Companies, and Sun Communities Factors of Influence, Major Initiatives and Sustained

The company missed a payment on its revolver last month, violating terms of the debt. Lenders could send the company a notice of default and demand immediate repayment of all obligations, but none has done so yet, Town Sports said in the filing.

Town Sports was downgraded by Moody’s Investors Service and S&P Global Ratings in recent days, with the credit graders citing the firm’s weak liquidity and restructuring risk. The company’s $15 million revolver expired on August 14 with $14.2 million outstanding, putting the company in default, Moody’s said.

The gym owner said that if it files for bankruptcy, it will seek around $80 million in financing to cover the costs. It also warned that shareholders could be wiped out.

Pandemic Pain

The fitness industry is reeling from forced closures due to the pandemic. Gold’s Gym International Inc. sought court protection from its creditors in May. 24 Hour Fitness Worldwide Inc. filed for bankruptcy in June, unable to keep up with its own debt payments with gyms shut nationwide.

Thousands of Your Favorite Fast Food Locations Could Close

  Thousands of Your Favorite Fast Food Locations Could Close The parent company of some franchise Pizza Hut and Wendy's locations is preparing to file for Chapter 11 bankruptcy after the coronavirus.All that, plus, a company that operates two popular fast-food restaurants may be filing for bankruptcy soon, meaning some Pizza Hut and Wendy's locations could be in trouble.

N . Y . Sports Clubs Owner Considers Bankruptcy While Gyms Stay Shut . New Research: Key Drivers of Growth for Town Sports International, Stanley Black & Decker, Newpark Resources, Mattel, Carlisle Companies, and Sun Communities Factors of Influence, Major Initiatives and Sustained

New York Sports Clubs Parent Mulls Bankruptcy Filing. N . Y . Sports Clubs Owner Considers Bankruptcy While Gyms Stay Shut . New York Sports Clubs Owner Drops Flywheel Deal, New Financing. Lucille Roberts, NYSC gyms parent Town Sports issues going concern warning .

Even before the virus shuttered the global economy, a number of gym chains were struggling with onerous debt loads. Town Sports, which operates the New York, Boston, Philadelphia and Washington Sports Clubs, was looking for a financial reprieve through a deal to buy the indoor cycling studio business of Flywheel Sports, owned by Kennedy Lewis Investment Management.

The gym chain, with 600,000 members, wanted to use part of the financing from Flywheel’s owners to replace the loan coming due in November. But plans fell apart, and the Town Sports loan has been trading for around 16 cents on the dollar, according to Bloomberg data.

New York Sports Clubs began operations as a cluster of squash clubs in the 1970s before introducing exercise classes and expanding up and down the U.S. East Coast. The company operates about 200 fitness studios, with a majority in the New York metro area.

New York Governor Andrew Cuomo is letting gyms in the state reopen, but with capacity limited to 33%. Customers and staff must wear masks at all times, and fitness centers must meet strict health and air-ventilation guidelines.

For more articles like this, please visit us at bloomberg.com

©2020 Bloomberg L.P.

What is Chapter 15 bankruptcy? Here's what to know about the obscure protection Virgin Atlantic is seeking .
Chapter 15 allows US and foreign courts to cooperate when assets are spread between countries — as with Virgin Atlantic.The London-based airline flies exclusively long-haul international routes. It suspended all passenger operations in April when the coronavirus pandemic triggered a crash in travel demand. It began flying passengers again in July. It is 49% owned by Delta, with Branson's Virgin Group owning the remaining 51%.

—   Share news in the SOC. Networks
usr: 22
This is interesting!