The pandemic’s toll on fitness centers is growing with another chain — Youfit Health Clubs LLC — filing for chapter 11 protection, the South Florida Sun Sentinel reported. The business, with 85 locations in 10 states, is based in Deerfield Beach and operates 61 clubs in Florida, including 40 in Miami-Dade, Broward and Palm Beach counties. Youfit has not disclosed whether any locations will close, but with COVID-19 cases once again soaring in Florida and nationwide, Youfit is one of several fitness chains trying to stay afloat until a vaccine arrives. Others that have filed for bankruptcy since the pandemic began include Gold’s Gym International, YogaWorks, Cyc Fitness, Flywheel Sports, and 24 Hour Fitness. A coalition of smaller chains this week asked Congress to make sure that gyms will be included in any new economic relief measures under consideration. Prior to filing in Delaware Bankruptcy Court, Youfit reached a deal to sell itself to lenders for $75 million, and lenders would assume ownership of the company in exchange for forgiving its debt. The deal is subject to court approval. The company, founded in 2008 in St. Petersburg, reported assets between $50 million and $100 million and liabilities between $100 million and $500 million. Bank of America is listed as the company’s largest creditor with $10 million owed to it. Most major other creditors are landlords.
