Fitness News: Crunch Fitness Files for Chapter 11 Bankruptcy Protection
Commercial gyms continue to see a downturn in paid memberships as consumers struggling through a weak economy cut back on non-essential monthly expenses.
Fitness chain Crunch filed for Chapter 11 bankruptcy protection Wednesday hoping to be acquired in part by the founder of the 24 Hour Fitness chain.
At this point Crunch only plans to close one of its 25 currently operating locations.
Founded in New York two decades ago, Crunch owes money to more than 50,000 creditors.
“This process of reorganization, along with the ongoing involvement of NEFC, will allow Crunch to emerge as a strong player focused on what we have become famous for: being the place where entertainment meets fitness,” said Crunch Chief Executive Tim Miller.
Club Industry’s Fitness Business Pro Magazine ranks Crunch at No. 7 on its most recent Top 100 Clubs list.
[Source: Crain's New York Business]
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