A well-known Minnesota gymnastics school has filed for bankruptcy for the second time in three years, the Minneapolis / St. Paul Business Journal reported. Eagan, Minn.-based Gleason's Gymnastic School Inc. filed a voluntary petition for chapter 11 bankruptcy in early May, according to records filed in Federal Bankruptcy Court. The move comes after the school filed for chapter 11 bankruptcy in 2019, but that reorganization was never completed. The current case is a new filing, but deals with some of the old debts and issues. The pandemic caused Gleason's to miss scheduled court filing dates in the prior case. Gleason's had a reorganization plan in the works, but the government-mandated closures wrought havoc on that too, according to Tom Olive, Gleason's attorney. The school also closed its Brooklyn Park location during the pandemic, which was a drain on the operation overall, Olive added. There are no plans to close the remaining location in Eagan. "It’s positive cash flow," Olive said of the Eagan facility. "It’s got a good customer base. (The new filing is) just taking care of this residual debt from the old location.” The gymnastics school estimates it has between $500,001 and $1 million in assets and liabilities, according to the filings.
