Town Sports International Inc, the owner of New York Sports Clubs, filed for chapter 11 protection today after the coronavirus pandemic forced its gyms to close and caused revenue to dry up, Reuters reported. The company’s assets and liabilities were in the range of $500 million to $1 billion, according to a court filing in the U.S. Bankruptcy Court in Delaware. Gym operators have suffered as the pandemic deprived them of the monthly membership and personal training fees that generate much of their revenue. Gold’s Gym International Inc. filed for bankruptcy protection in May, followed by 24 Hour Fitness Worldwide Inc in June. As of March 31, Town Sports operated 185 fitness centers, including 99 New York Sports Clubs, with about 580,000 members. Its brands also include gyms in Boston, Philadelphia and Washington, D.C. named for those cities, as well as Lucille Roberts and Total Woman Gym and Spa.
