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24 Hour Fitness has announced that they are filing for bankruptcy. In a statement on social media and their website, the fitness company explains that COVID-19 has taken a toll on their brand.

They wrote, “We are implementing a financial restructuring, through a voluntary Chapter 11 filing. This process gives us the opportunity to reposition 24 Hour Fitness by eliminating debt and closing clubs that were either out-of-date or in close proximity with other 24 Hour Fitness clubs.”

“Removing these financial and operational constraints allows us to focus entirely on transforming our business and the club experience for the better. We will have the financial flexibility and resources to upgrade equipment and expand and improve our fitness offerings to best serve our members and continue our transformational journey.”

Per People, CEO Tony Ueber states, “If it were not for COVID-19 and its devastating effects, we would not be filing for Chapter 11.” The outlet adds that, so far, 24 Hour Fitness has closed over 130 gyms.

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