Restaurants, bars, and theme parks aren’t the only ones struggling from the pandemic and lockdown restrictions across the globe, fitness chains and gyms are taking a hard hit, too.
Sadly, there is now a growing list of fitness companies that are filing for bankruptcy, and it continues to get longer and longer.
In early October, YogaWorks, an indoor chain of yoga studios based out of California announced it was shutting the doors of all 55 locations across the United States, this in addition to closing New York City spots, this past April. Meanwhile, Cyc Fitness, a cycling studio from Delaware also filed for bankruptcy earlier this month.
Much like many other industries, including bars and restaurants, movie theatres, and theme parks, indoor fitness facilities and gyms were forced to close their doors across America this past spring due to COVID-19 lockdowns and restrictions. As such, individuals who relied on these gyms for exercise had to find new ways to stay active while at home, and many of these companies also stopped collecting membership fees from customers during this time.
While a good number of regions across America have reopened and lifted lockdowns, these exercise chains are still finding it challenging to make ends meet. With a need to make up for lost income over months, plus entice clients to return, not to mention the fear some people feel about working out indoors with others (and potential germs lingering); well, it’s been a struggle. Add in having to operate at limited capacity, and running a fitness spot can seem almost impossible these days.
YogaWorks and Cyc Fitness join other chains who have closed their business recently, including Town Sports International, who owns both Boston Sports Clubs and New York Sports Clubs; as well as FlyWheel, recently closing down 42 cycling spots across the U.S. Then there’s 24-Hour Fitness, which closed 130 locations, nationwide, as well as Gold’s Gym, who closed 30 gyms, out of 700 within its franchise.
As Tony Ueber, 24-Hour CEO noted, had it not been for COVID and its effects, his company would not be filing for Chapter 11. Unfortunately, most other fitness facilities are in the same boat, thinking the same thing, with possibly, many more to come.
If you are looking to get in shape, and have not been affected financially by COVID-19, perhaps now is the time to try a gym out. With added safety measures and working at a smaller capacity, your health may thank you for it. Plus, it’s an opportunity to help shed those COVID 15 pounds you may have added during lockdown!
