24 Hour Fitness is reportedly considering bankruptcy options as the coronavirus pandemic continues to squeeze the fitness industry.
The financial impact COVID-19 may have on 24 Hour Fitness could be staggering. The company has nearly 450 locations around the US. In a recent note, analysts estimated it to have around 4 million members, helping it to pull in yearly revenues of $1.5 billion.
And it’s not the only gym or fitness studio in the US suffering as the coronavirus lockdown keeps their businesses closed and consumers at home.
To name some big ones:
Gold’s Gym is closing 30 of its locations for good.
Yogaworks is closing all of its New York studios.
Orangetheory announced it was closing its franchisee-owned high-intensity training locations nationwide at end of classes Monday, and asking independent owners to follow suit.
Equinox announced that all of their clubs are temporarily closed.
And that’s only to name a few.
ClassPass is suffering as well. “The COVID-19 global pandemic has presented a challenge unlike any other that the health and wellness industry has seen,” ClassPass CEO Fritz Lanman said in a statement. “Almost 90% of our 30,000 gym, studio, and wellness partners across 30 countries have indefinitely closed their physical locations.”
As the coronavirus pandemic continues to prompt the closure of fitness clubs across the nation, the impact becomes a ripple effect. Gyms are impacted, trainers are impacted, and gym and studio members are impacted.
While it is certainly a difficult situation, we’ve found ways to get in workouts while supporting our local trainers and gyms/studios. Read more on how to support local trainers here.