<ul class="summary-list"><li><keyword id="7748593" type="COMPANY" weightage="60" keywordseo="24-Hour-Fitness">24 Hour Fitness</keyword> is reportedly considering bankruptcy options, according to a <a href="https://www.cnbc.com/2020/04/18/24-hour-fitness-weighs-bankruptcy-amid-coronavirus-pandemic.html">CNBC</a> report. </li><li>A spokesperson for the company confirmed to Business Insider that it is "considering a broad range of options" but refused to comment on specific plans.  </li><li>Gyms and <keyword id="18974" type="COMPANY" weightage="60" keywordseo="fitness">fitness</keyword> studios across the US are suffering as the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> lockdown keeps their businesses closed and consumers at home.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul><p>24 Hour Fitness is reportedly considering bankruptcy options as the coronavirus pandemic continues to squeeze the fitness industry.</p><p>Sources familiar with the matter told <a href="https://www.cnbc.com/2020/04/18/24-hour-fitness-weighs-bankruptcy-amid-coronavirus-pandemic.html">CNBC</a> that the company is working with Lazard investment bank and lawyers from Weil, Gotshal &amp; Manges to explore its options. </p><p>In a statement to Business Insider, a spokesperson for 24 Hour Fitness said that it is "considering a broad range of options to ensure the long term sustainability" of the company. The spokesperson refused to comment on its specific plans, however.  </p><p>24 Hour Fitness is among the gyms and fitness studios in the US to be suffering at present as the coronavirus lockdown keeps their businesses closed and consumers at home.</p><p>In the past week, two major chains announced have permanent closings. <a href="https://www.businessinsider.com/golds-gym-closing-gyms-permanently-list-addresses-2020-4?r=US&amp;IR=TIR=T">Gold's Gym said it would</a> close 30 locations, and <a href="https://www.businessinsider.com/yogaworks-is-permanently-closing-all-nyc-locations-amid-coronavirus-2020-4?r=US&amp;IR=TIR=T">YogaWorks said it</a> would close all of its New York studios. </p><p>24 Hour Fitness has nearly 450 locations around the US. In a recent note, Jefferies analysts estimated it to have around 4 million members, helping it to pull in yearly revenues of $1.5 billion. </p><p>But its woes predated the pandemic. The company is currently lumbered with a heavy debt load, and at the end of 2019, its <a href="https://sgbonline.com/moodys-downgrades-24-hour-fitness/">financial rating was downgraded by Moody's</a> following "a sizable decline in membership count" and "an acceleration in comparable club revenue declines in the third quarter." </p><p>Jefferies analysts say its possible demise could greatly benefit rival chain Planet Fitness when the lockdown eases. </p><p>"In our recent in-depth report on Planet Fitness, we pointed out that Planet Fitness's lowest-cost membership pricing, large and growing unit network and highly profitable franchisee base would allow the company to gain massive market share from other gyms and other boutique fitness businesses. The effects of the coronavirus-related shutdowns are only accelerating these share gains," the Jefferies analysts wrote in a note to clients on Monday.</p>Read the original article on <a href="https://www.businessinsider.com/24-hour-fitness-considers-bankruptcy-cnbc-report-2020-4">Business Insider</a>

24 Hour Fitness reportedly considers bankruptcy options as the coronavirus pandemic continues to squeeze gyms across the US

<ul class="summary-list"><li><keyword id="4749608" type="PERSON" weightage="60" keywordseo="yogaworks">YogaWorks</keyword> is permanently closing all New York City studios, according to an email sent to members of the yoga chain by CEO Brian Cooper and confirmed by a company spokesperson on Friday. </li><li>Cooper wrote in the letter that the company had struggled financially in New York City "for an extensive period of time" due to rising rent prices and competition from other boutique fitness studios.</li><li>The closures come one day after <a href="https://www.businessinsider.com/golds-gym-closing-gyms-permanently-list-addresses-2020-4">Gold's Gym announced</a> it is permanently shuttering 30 locations, as well as on the heels of a new proposal released by the Trump Administration on Thursday calling for the <a href="https://www.businessinsider.com/white-house-to-release-plan-to-ease-coronavirus-restrictions-2020-4">reopening of gyms</a> across the country. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul><p>The fitness chain YogaWorks is permanently closing its New York City studios effective on April 19, according to an email send to members on Friday. </p><p>YogaWorks CEO Brian Cooper wrote in the letter that the company had struggled financially in New York City "for an extensive period of time" due to rising rent prices and competition from other boutique fitness studios. Temporary closures due to the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> further inflamed the yoga chain's woes, ultimately leading to the decision to permanently close its four New York studios.</p><p>The closures come after Gold's Gym announced it is <a href="https://www.businessinsider.com/golds-gym-closing-gyms-permanently-list-addresses-2020-4">permanently shuttering 30 locations</a> and on the heels of the <a href="https://www.businessinsider.com/white-house-to-release-plan-to-ease-coronavirus-restrictions-2020-4">proposal released by the Trump Administration</a> on Thursday that calls for relaxing coronavirus-related restrictions and includes guidelines for reopening gyms. </p><p>"This is certainly not the outcome we neither wanted nor anticipated, but these considerable obstacles, which were exacerbated by the COVID-19 pandemic, have unfortunately made it inevitable," Cooper wrote. </p><p>In response to Business Insider's request to comment, a YogaWorks spokesperson shared a portion of the letter Cooper sent to members but declined to comment on the potential for additional closures in other cities.</p><p>YogaWorks currently operates more than 60 studios in Atlanta, Baltimore, Boston, Houston, Los Angeles, Northern California, Orange Country, and Washington, DC. <a href="https://www.yogaworks.com/about/our-history/">According to its website</a>, it has plans "to announce studio openings in other cities soon." </p><p>Members of the impacted studios in Manhattan, Brooklyn, and Westchester will be eligible for full refunds or credit transfers to other studios or virtual yoga programs, according to the email. It was not immediately clear if instructors at these locations are being relocated or were laid off. </p><p>YogaWorks became a <a href="https://www.businessinsider.com/yogaworks-yoga-chain-ipo-update-2017-8">publicly-traded company in August 2017</a> — after its first attempt at an IPO earlier that same year — but later <a href="https://www.marketwatch.com/story/yogaworks-to-turn-private-less-than-two-years-after-ipo-2019-07-12">removed its stock listing in 2019</a> after less than two years. </p><p>"We cannot stress enough the levels of gratitude, appreciation, and sympathy that we have for all of our New York City teachers and team members, and we thank them for their tireless dedication to YogaWorks and our students," Cooper wrote. </p><h2>Read the full letter from the YogaWorks CEO, below:</h2><p>Dear students,</p><p>It is with deep sadness that we write to inform you that we have to permanently close our New York studios, effective this Sunday, April 19th.</p><p>Despite our best efforts, YogaWorks' New York business has struggled financially for an extensive period of time, having faced increasing fixed costs and intense competition in the market. In addition to those challenges, the only profitable studio we operated in the region recently lost its lease. This is certainly not the outcome we neither wanted nor anticipated, but these considerable obstacles, which were exacerbated by the COVID-19 pandemic, have unfortunately made it inevitable.</p><p>We cannot stress enough the levels of gratitude, appreciation and sympathy that we have for all of our New York City teachers and team members, and we thank them for their tireless dedication to YogaWorks and our students.</p><p>Under normal circumstances we would love to be able to have final classes, closing gatherings and sendoffs, but as with so many things right now, shelter in place and social distancing prevent optimal circumstances around closure of a community that has meant so much to all of us for so long.</p><p>One thing that is clear to us, however, is that your strong relationships with YogaWorks teachers are long-lasting and enduring and we are fully committed to make certain that you have an avenue to continue to connect with your teachers. In the near future, we will send you the contact information for all teachers who would like to share their information so you can continue to foster the community despite our current circumstances.</p><p>We have practiced with you, gotten to know you and your friends and families, and built a community together in New York, and for that we are forever grateful for your support and dedication.</p><p>We will also be available for you to whatever extent we can provide; and for more technical membership or class related assistance, you can contact us through <a href="https://www.yogaworks.com/member-services?utm_medium=Email&amp;utm_source=Eloqua&amp;utm_campaign=Apr%202020%2C%20Student%20Communication%2C%20NY%20-%20Region%20Closing%2C%204.17.2020&amp;utm_content=Apr%202020%2C%20Studio%20Communication%2C%20YW%20-%20NY%20Closure%20%28students%29&amp;elqTrackId=8e7fce0d4fdd4670b1ef32644317e5e8&amp;elq=a8d5e9cebe0a45cf92ed8b5bb733a012&amp;elqaid=3365&amp;elqat=1&amp;elqCampaignId=1964p;elqat=1&amp;elqCampaignId=1964">www.yogaworks.com/member-services/</a> to discuss membership options whether it is continued live-streaming access to other nationwide studios, transfers, credits, refunds or otherwise.</p><p>This journey has been a difficult one and we are hopeful for greener pastures over the horizon for you, our students, our teachers and staff, and the entire yoga community.</p><p>Please stay healthy and be well,</p><p>Brian Cooper</p>Read the original article on <a href="https://www.businessinsider.com/yogaworks-is-permanently-closing-all-nyc-locations-amid-coronavirus-2020-4">Business Insider</a>

YogaWorks is permanently closing all New York City studios as the coronavirus outbreak wreaks havoc on the US fitness industry

<ul class="summary-list"><li><keyword id="1837554" type="PERSON" weightage="100" keywordseo="flywheel">Flywheel</keyword> filed for <keyword id="6538433" type="UNKNOWN" weightage="60" keywordseo="Chapter-7-bankruptcy">Chapter 7 bankruptcy</keyword> and will permanently close all 42 of its studios while laying off 1,200 employees, according to court documents filed on Tuesday. </li><li>The filing comes after several former employees first too to social media on Monday to share they no longer held jobs at the company.</li><li>Flywheel previously laid off 98% of its staff temporarily in March due to the financial impact of closing studios for in-person classes to prevent the spread of the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword>. </li><li>The company joins a <a href="https://www.businessinsider.com/retailers-filed-bankruptcy-liquidation-closing-stores-2020-2">growing list of fitness chains</a> that filed for <keyword id="43550" type="EVENT" weightage="60" keywordseo="Bankruptcy">bankruptcy</keyword> in recent months as a result of the coronavirus outbreak, including Gold's Gym, 24 Hour <keyword id="18974" type="COMPANY" weightage="60" keywordseo="fitness">Fitness</keyword>, and YogaWorks. </li></ul><p>Flywheel Sports — a chain of <keyword id="118932" type="PERSON" weightage="60" keywordseo="Spinning">spinning</keyword> studios and a top competitor of SoulCycle — filed for Chapter 7 bankruptcy on Tuesday and will permanently close its 42 locations in the country. </p><p>The filing comes after several former employees <a href="https://www.insider.com/flywheel-us-locations-appear-to-close-2020-9">took to social media</a> on Monday to share they no longer held jobs at the company, prompting an outpouring of support from loyal riders and Flywheel enthusiasts. The company joins a <a href="https://www.businessinsider.com/retailers-filed-bankruptcy-liquidation-closing-stores-2020-2">growing list of fitness chains</a> that filed for bankruptcy in recent months as a result of the coronavirus outbreak, including Gold's Gym, 24 Hour Fitness, and YogaWorks. </p><p><strong>Read more:</strong> <a href="https://www.businessinsider.com/mirror-to-become-next-peloton-home-fitness-2020-7">Mirror is on track to become the next Peloton, with the potential to pull in more than $700 million in revenue by 2023</a></p><p>According to documents filed Tuesday with the US Bankruptcy Court for the Southern District of New York, Flywheel has estimated assets of no more than just $50,000 and estimated liabilities of between $10-50 million. </p><p>Representatives for Flywheel did not immediately return Business Insider's request to comment. </p><p>Founded in 2010, Flywheel grew quickly over the past decade thanks to the boutique fitness boom and the resurgence of stationary cycling. By the time it filed for bankruptcy, it had 1,200 employees and 42 locations in California, Colorado, Florida, Georgia, Illinois, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Washington state, and Washington, DC.</p><p>A source close to the matter <a href="https://www.insider.com/flywheel-us-locations-appear-to-close-2020-9">told Insider's Darcy Schild on Monda</a>y that most instructors learned they were being laid off after seeing colleagues post about it on social media. The same source said they first heard Flywheel was permanently closing its doors after receiving and Instagram message from a friend who said they worked at Flywheel Sports' headquarters and was laid off on September 11. </p><blockquote class="instagram-media" data-instgrm-captioned="" style="background:#FFF; border:0; border-radius:3px; box-shadow:0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width:540; padding:0; width:99.375%; width:-webkit-calc(100% - 2px); width:calc(100% - 2px); data.width~540;"><div style="padding:8px;"><div style="background:#F8F8F8; line-height:0; margin-top:40px; padding:62.4537037037% 0; text-align:center; width:100%;"><div style="background:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACwAAAAsCAMAAAApWqozAAAABGdBTUEAALGPC/xhBQAAAAFzUkdCAK7OHOkAAAAMUExURczMzPf399fX1+bm5mzY9AMAAADiSURBVDjLvZXbEsMgCES5/P8/t9FuRVCRmU73JWlzosgSIIZURCjo/ad+EQJJB4Hv8BFt+IDpQoCx1wjOSBFhh2XssxEIYn3ulI/6MNReE07UIWJEv8UEOWDS88LY97kqyTliJKKtuYBbruAyVh5wOHiXmpi5we58Ek028czwyuQdLKPG1Bkb4NnM+VeAnfHqn1k4+GPT6uGQcvu2h2OVuIf/gWUFyy8OWEpdyZSa3aVCqpVoVvzZZ2VTnn2wU8qzVjDDetO90GSy9mVLqtgYSy231MxrY6I2gGqjrTY0L8fxCxfCBbhWrsYYAAAAAElFTkSuQmCC); display:block; height:44px; margin:0 auto -44px; position:relative; top:-22px; width:44px;"></div></div><p style="margin:8px 0 0 0; padding:0 4px;"><a href="https://www.instagram.com/p/CFFycixD5YY" style=" color:#000; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:normal; line-height:17px; text-decoration:none; word-wrap:break-word;" target="_blank">My time as a @flywheelsports instructor was such an incredible honor. Mind Body Music Community those 45mins (60 if you’re lucky) were transcendent. I hope everyone has the opportunity to find something that makes you come alive. Thank you Flywheel for some great friends incredible lessons and an unforgettable community of athletes. It was my honor to guide you to your goals! ❤️</a></p> <p style=" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; line-height:17px; margin-bottom:0; margin-top:8px; overflow:hidden; padding:8px 0 7px; text-align:center; text-overflow:ellipsis; white-space:nowrap;">A post shared by  Samantha Farrow (@sam_farrow_official) on Sep 13, 2020 at 1:39pm PDT<time style=" font-family:Arial,sans-serif; font-size:14px; line-height:17px;" datetime="2020-09-13T20:39:27+00:00">Sep 13, 2020 at 1:39pm PDT</time></p></div></blockquote><p>Flywheel previously <a href="https://www.cnbc.com/2020/03/27/coronavirus-us-retail-store-closures-to-drag-into-april-likely-longer.html">laid off 98% of its staff temporarily</a> in March due to the financial impact of closing studios for in-person classes to prevent the spread of the virus. Though the company sought out alternative revenue streams such as streaming classes and selling or renting bikes and gear, it ultimately wasn't enough to prevent the company's demise. </p><p>Prior to the bankruptcy, Flywheel had been in talks with Town Sports International — the parent company of New York Sports Clubs and Boston Sports Clubs, among other fitness chains — for a possible merger that would have saved the spinning company. However, its hopes were ultimately dashed when <a href="https://www.businessinsider.com/new-york-sports-clubs-parent-bankruptcy-pandemic-gyms-2020-9">Town Sports International announced it filed for Chapter 11 bankruptcy</a> on Monday. </p><p>"With its official closing, I'm taking all the memories (good and bad!), lessons, friends, bad playlists, noise complaints, vocal issues, and amazing clients and friends into the next chapter," former Flywheel instructor Kate Hickl <a href="https://www.instagram.com/p/CFFBI55JBMi/">wrote on Instagram</a>. "Thank you Flywheel for everything."</p><blockquote class="instagram-media" data-instgrm-captioned="" style="background:#FFF; border:0; border-radius:3px; box-shadow:0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width:540; padding:0; width:99.375%; width:-webkit-calc(100% - 2px); width:calc(100% - 2px); data.width~540;"><div style="padding:8px;"><div style="background:#F8F8F8; line-height:0; margin-top:40px; padding:62.4537037037% 0; text-align:center; width:100%;"><div style="background:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACwAAAAsCAMAAAApWqozAAAABGdBTUEAALGPC/xhBQAAAAFzUkdCAK7OHOkAAAAMUExURczMzPf399fX1+bm5mzY9AMAAADiSURBVDjLvZXbEsMgCES5/P8/t9FuRVCRmU73JWlzosgSIIZURCjo/ad+EQJJB4Hv8BFt+IDpQoCx1wjOSBFhh2XssxEIYn3ulI/6MNReE07UIWJEv8UEOWDS88LY97kqyTliJKKtuYBbruAyVh5wOHiXmpi5we58Ek028czwyuQdLKPG1Bkb4NnM+VeAnfHqn1k4+GPT6uGQcvu2h2OVuIf/gWUFyy8OWEpdyZSa3aVCqpVoVvzZZ2VTnn2wU8qzVjDDetO90GSy9mVLqtgYSy231MxrY6I2gGqjrTY0L8fxCxfCBbhWrsYYAAAAAElFTkSuQmCC); display:block; height:44px; margin:0 auto -44px; position:relative; top:-22px; width:44px;"></div></div><p style="margin:8px 0 0 0; padding:0 4px;"><a href="https://www.instagram.com/p/CFFBI55JBMi" style=" color:#000; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:normal; line-height:17px; text-decoration:none; word-wrap:break-word;" target="_blank">There are no words and no amount of pictures to capture how Flywheel, in a matter of 10+ years, changed my life. Thank you Ruth, David and Jay for scooping me up after being “exited” from Soul Cycle on 11/17/09. Over the next few months, what an honor it was to literally build Flywheel from the ground up. Legitimate home-grown with blood, sweat and tears — we were a family and everyone who came through our doors starting in February could sense that. Everyone we hired had to “feel flywheel.” I, personally, had the privilege of leading our expansion into markets like Atlanta, Charlotte, Seattle, DC, Boston, Chicago, Dallas, etc — I was able to hand pick instructors and build our family, one employee at a time. Naturally, our team of amazing instructors brought along the hard-working, dedicated riders and pulsers that turned our little home-grown business into the FlyFam we all know and love to this day. From instructors to clients to studio coordinators to the facilities team — people that came to Flywheel CARED. We wanted to work hard. We wanted to go the extra mile. We wanted community. We were authentic and we wanted to be better. It’s no coincidence I’ve met the most amazing people, including my fiancé @karaliotta (the literal face of Fly ) and I hold dear the thousands of rides and classes we shared. With its’ official closing, I’m taking all the memories (good and bad!), lessons, friends, bad playlists, noise complaints, vocal issues and amazing clients and friends into the next chapter. Thank you Flywheel for everything.   circa summer 2010 Bridgehampton, NY @sarabethturner</a></p> <p style=" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; line-height:17px; margin-bottom:0; margin-top:8px; overflow:hidden; padding:8px 0 7px; text-align:center; text-overflow:ellipsis; white-space:nowrap;">A post shared by  Kate Hickl (@katehickl) on Sep 13, 2020 at 6:28am PDT<time style=" font-family:Arial,sans-serif; font-size:14px; line-height:17px;" datetime="2020-09-13T13:28:36+00:00">Sep 13, 2020 at 6:28am PDT</time></p></div></blockquote>

Flywheel Sports is filing for bankruptcy and closing all of its studios, becoming the latest fitness company to meet its demise as a result of the pandemic

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5759a93b9105842b008c7e53-1159/yoga-summer-times-square-nyc.jpg" alt="yoga summer times square nyc" data-mce-source="Mario Tama / Staff / Getty Images" /><p class="source"><span>Mario Tama / Staff / Getty Images</span></p><p class="caption">YogaWorks is about to find out if the second time's a charm for them in the IPO market.</p></div><p></p></div></div>YogaWorks isn't ready to give up on its dreams of going public.</p><p>Just three weeks removed from <a href="http://www.businessinsider.com/yogaworks-yoga-chain-latest-failed-ipo-2017-7">pulling its first attempt at an IPO</a>, citing market conditions, the chain of 50 studios spread across six US metropolitan areas is giving it another shot.</p><p>But there's a catch: the company is now trying to raise just two-thirds of the capital previously sought.</p><p>Yogaworks' revamped offering is for up to 7.3 million shares priced between $5.50 and $6.50, according to a <a href="https://www.sec.gov/Archives/edgar/data/1703497/000119312517253443/d371686ds1a.htm">filing</a> with the US Securities and Exchange Commission. The revised pricing amounts to a possible valuation range of $40 million to $47 million.</p><p>That's a far cry from its earlier attempt, which saw the company attempt to offer 5 million shares at a price between $12-14 per unit - a market value of $60 million to $70 million.</p><p>While some might attribute YogaWorks' difficulties to a tough IPO environment that most recently saw meal kit maker <a href="http://www.businessinsider.com/blue-apron-ipo-range-cut-2017-6">Blue Apron limp to the finish line</a>, it's also possible potential investors just weren't sold on the company at that original valuation. After all, the company is unprofitable at the moment, posting net losses in each of the last two years, as well as in the first quarter of 2017.</p><p>It remains to be seen whether YogaWorks will have more success at a more modest offering price. If they find themselves unsuccessful again, it might be time to ask whether a third time's a charm, or if they're better off staying private.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/the-bottom-line-stock-market-records-apple-tesla-tech-earnings-jim-glassman-economy-2017-8">THE BOTTOM LINE: New record highs for stocks and a deep dive into Apple's iPhone</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/4Rs0mxkk-xjRU7l6Z.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

An unprofitable yoga chain is making a 2nd attempt at an IPO - for way less money

<ul class="summary-list"><li><keyword id="7748593" type="COMPANY" weightage="60" keywordseo="24-Hour-Fitness">24 Hour Fitness</keyword> filed for <keyword id="43550" type="EVENT" weightage="60" keywordseo="Bankruptcy">bankruptcy</keyword> on Monday morning after announcing that it would be closing over 130 locations across the US. A spokesperson declined to comment on how many jobs would be impacted by this. </li><li><p>In a <a href="https://www.businesswire.com/news/home/20200615005216/en/24-Hour-Fitness-Sets-Future-Financial-Restructuring">statement</a> to the press, CEO Tony Ueber said that the company would not be filing for bankruptcy if it were not for the "devastating" effects of the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> pandemic. </p></li><li><p>However, its troubles predated the pandemic. The company was lumbered with a heavy debt load and had seen membership rates decline in recent quarters. </p></li></ul><p>24 Hour <keyword id="18974" type="COMPANY" weightage="60" keywordseo="fitness">Fitness</keyword> has become the latest casualty of the coronavirus pandemic, <a href="https://www.businesswire.com/news/home/20200615005216/en/24-Hour-Fitness-Sets-Future-Financial-Restructuring">filing</a> for <keyword id="431977" type="COMPANY" weightage="60" keywordseo="Chapter-11">Chapter 11</keyword> bankruptcy early Monday morning.</p><p>The news comes just days after the fitness chain said it would be <a href="https://www.24hourfitness.com/health_clubs/club-closures/">permanently closing</a> more than 130 locations across the US. A spokesperson declined to comment on how many jobs would be impacted by this when contacted by Business Insider. </p><p>In a <a href="https://www.businesswire.com/news/home/20200615005216/en/24-Hour-Fitness-Sets-Future-Financial-Restructuring">statement</a> to the press, company CEO Tony Ueber called out the coronavirus pandemic as being the main reason for its recent bankruptcy.</p><p>"If it were not for <keyword id="8763838" type="UNKNOWN" weightage="60" keywordseo="covid-19">COVID-19</keyword> and its devastating effects, we would not be filing for Chapter 11," he said. "With that said, we intend to use the process to strengthen the future of 24 Hour Fitness for our team and club members, as well as our stakeholders."</p><p>But its woes predated the pandemic. The company was lumbered with a heavy debt load, and at the end of 2019, its <a href="https://sgbonline.com/moodys-downgrades-24-hour-fitness/">financial rating was downgraded by Moody's</a> following "a sizable decline in membership count" and "an acceleration in comparable club revenue declines in the third quarter." </p><p>Through its Chapter 11 filing, 24 Hour Fitness said it has secured around $250 million in funding to enable it to reopen its remaining locations and resume business. It expects the majority of its remaining 300 or so locations to be open by the end of the month. </p><p>"The COVID-19 environment has proved that attention to health and fitness are more important now than ever before," Ueber said. "As a result of this restructuring, we will gain financial strength and flexibility to accelerate our business transformation plan, which includes reinvestment in our existing clubs, opening new clubs and introducing several new innovative products and services that will enhance the fitness experience for our club members and guests for many years to come."</p><p>24 Hour Fitness is among the gym chains in the US to have been hard hit by the pandemic, which has kept <a href="https://www.businesswire.com/news/home/20200526005202/en/Consumer-Fitness-Survey-Finds-Post-COVID-19-Billions">around 38,000 fitness gyms</a> and studios nationwide closed over the past few months.</p><p>Other major chains such as <a href="https://www.businessinsider.com/golds-gym-closing-gyms-permanently-list-addresses-2020-4?r=US&amp;IR=TIR=T">Gold's Gym</a> and <a href="https://www.businessinsider.com/yogaworks-is-permanently-closing-all-nyc-locations-amid-coronavirus-2020-4?r=US&amp;IR=TIR=T">YogaWorks</a> have also announced permanent closings because of this. </p>

24 Hour Fitness files for bankruptcy and closes over 130 gym locations across the US

<img src="https://static-ssl.businessinsider.com/image/5111531d6bb3f7aa29000006-899/lululemon-yoga-3.jpg" alt="lululemon yoga" /><p class="source"><span><a href="http://www.flickr.com/photos/lululemonathletica/6153760087/sizes/l/in/photostream/">Lululemon Athletica/Flickr</a></span></p><p class="caption">A handful of yoga enthusiasts pray for the resurrection of YogaWorks' pulled IPO.</p>This one didn't even make it to market.<p>YogaWorks, a chain of 50 studios spread across six US metropolitan areas, pulled its initial public offering on Thursday, the day it was originally expected to price, citing market conditions.</p><p>The offering's underwriters - led by Cowen, Stephens and Guggenheim - set a range of $10 to $12 a share in a <a href="https://www.sec.gov/Archives/edgar/data/1703497/000119312517224671/d371686ds1a.htm">regulatory filing</a> on July 10. A pricing at the top of the range would've marked a valuation of roughly $70 million.</p><p>It's certainly an interesting rationale for pulling the deal, considering multiple US equity benchmarks closed at record highs on Wednesday. Not to mention the <a href="http://markets.businessinsider.com/index/VIX">CBOE Volatility Index</a> - or VIX - which serves as a gauge for investor fear, is locked near its lowest levels on record.</p><p>While some might cite a difficult IPO environment that most recently saw meal kit maker <a href="http://www.businessinsider.com/blue-apron-ipo-range-cut-2017-6">Blue Apron limp to the finish line</a>, it's also possible potential investors just weren't sold on the company at that valuation. After all, the company is unprofitable at the moment, posting net losses in each of the last two years, as well as in the first quarter of 2017.</p><p>Blue Apron is also not the best basis for comparison, because its severely dented IPO price and <a href="http://www.businessinsider.com/blue-apron-stock-price-ipo-comparison-startups-2017-7">subsequent weak trading</a> was spurred by <a href="http://www.businessinsider.com/blue-apron-ipo-public-company-amazon-stock-price-2017-6">Amazon encroaching on its competitive territory</a> through its blockbuster acquisition of Whole Foods. YogaWorks has no such excuse.</p><p>In a frantic final week before going public, <a href="http://markets.businessinsider.com/stock/APRN-Quote">Blue Apron</a> cut its range by more than 30%, and now trades about 34% below its final IPO price of $10 a share.</p><p>Meanwhile, recently-IPOed social media player <a href="http://markets.businessinsider.com/stock/SNAP-Quote">Snap</a> has showed that a successful IPO doesn't even necessarily translate to success in the open market. After pricing at $17 a share on March 1, the company's stock has taken a beating, falling 12% to $14.97 through Wednesday's close.</p>            <h3>NOW WATCH: <a href="http://www.businessinsider.com/wells-fargo-john-manley-companies-rendered-obsolete-before-amazon-2017-7">Wells Fargo Funds equity chief: Companies were being rendered obsolete long before Amazon emerged</a></h3>                                    Please enable Javascript to watch this video                    

An unprofitable yoga chain is the latest failed IPO

<img src="https://static-ssl.businessinsider.com/image/5971050ec50c29a8008b58a6-1811/rtr40yup 1.jpg" alt="sleep" /><p class="source"><span>Carlo Allegri/Reuters</span></p>Stocks didn't move much from their starting points on Thursday in a another day of muted trading.<p>We've got all the headlines, but first, the scoreboard:</p><ul><li><strong>Dow: </strong><span>21,624.57</span>, -16.18, (-0.07%)</li><li><strong>S&amp;P 500: </strong><span>2,473.88</span>, +0.03, (+0.00%)</li><li><strong>Nasdaq:</strong><span> </span>6,389.90, +5.19, (+0.08%)</li><li><strong>US 10-year yield:</strong><span> </span>2.266%, -0.002</li><li><strong>WTI crude oil: </strong>$46.73, -0.39, -0.83%</li></ul><ol><li><a href="http://www.businessinsider.com/yogaworks-yoga-chain-latest-failed-ipo-2017-7">Yogaworks pulled their IPO with days before they started trading.</a> <span>YogaWorks, a chain of 50 studios spread across six US metropolitan areas, pulled its initial public offering on Thursday, the day it was originally expected to price, citing market conditions.</span></li><li><span><a href="http://www.businessinsider.com/bank-of-japan-forecasts-japan-markets-and-economy-2017-7">The Bank of Japan held rates as expected.</a> It also upped its economic assessment and forecasts for GDP growth while downgrading its view on the outlook for inflation. Again, an outcome that was widely anticipated.</span></li><li><span><a href="http://www.businessinsider.com/european-central-bank-interest-rate-decision-for-july-2017-7">The European Central Bank also held rates.</a> For the time being the ECB's bond buying programme will remain capped at €60 billion per month and its interest rates - a deposit rate of -0.4% for banks, and a base interest rate of 0.0% - will be maintained.</span></li><li><a href="http://www.businessinsider.com/bitcoin-price-explodes-above-2500-2017-7">Bitcoin surged.</a> The cryptocurrency surged over 15% in trading on Thursday.</li><li><a href="http://www.businessinsider.com/trump-accepts-jobs-report-unemployment-number-after-calling-hoax-2017-7">Trump says he thinks the jobs report numbers are real now.</a> During a meeting at the White House, Trump said that he believes in the unemployment rate now. "<span>I said, for a long time they don't matter," trump said. "But now I accept those numbers very proudly."</span></li><li><a href="http://www.businessinsider.com/bill-gross-investment-outlook-monetary-policy-gluttony-2017-7">Bill Gross thinks the global economy is like a dying umpire.</a> <span>Gross again criticized the Federal Reserve's decisions to recover the economy from the Great Recession. This time, he compared the Fed's bond-buying program to John McSherry, a Major League Baseball umpire who suffered a heart attack on the field in 1996.</span></li><li><a href="http://www.businessinsider.com/sears-deals-blow-to-stores-and-stock-soars-2017-7">Sears said it will now sell its products on Amazon.</a> The company on Thursday announced plans to start selling its Kenmore-branded appliances - such as refrigerators, dishwashers, and washing machines - on Amazon. Sears stock jumped over 11% on the news.</li></ol><p>Additionally:</p><p><a href="http://www.businessinsider.com/goldman-sachs-theres-still-a-killing-to-be-made-this-earnings-season-2017-7">GOLDMAN SACHS: There's still a killing to be made this earnings season</a></p><p><a href="http://www.businessinsider.com/home-depot-amazon-proof-2017-7">Wall Street is questioning if Home Depot is Amazon-proof</a></p><p><a href="http://www.businessinsider.com/mergers-and-acquisitions-in-the-contract-research-organization-2017-7">Wall Street is making huge bets on healthcare companies you've never heard of</a></p><p><a href="http://www.businessinsider.com/trump-considering-goldmans-cohn-for-fed-but-its-a-bad-idea-2017-7">Goldman Sachs could be about to tighten its stranglehold on global markets</a></p><p><a href="http://www.businessinsider.com/how-much-blue-aprons-investors-have-made-and-lost-so-far-2017-7">Blue Apron's VC backers have made gobs of money - while regular investors have taken a bath</a></p><p><a href="http://www.businessinsider.com/blue-apron-stock-price-biggest-reason-not-to-use-2017-7">Here's the biggest reason people aren't using meal kits like Blue Apron</a></p>            <h3>NOW WATCH: <a href="http://www.businessinsider.com/wells-fargo-john-manley-companies-rendered-obsolete-before-amazon-2017-7">Wells Fargo Funds equity chief: Companies were being rendered obsolete long before Amazon emerged</a></h3>                                    Please enable Javascript to watch this video                    

STOCKS DO NOTHING: Here's what you need to know

<p>Happy New Year! We've finally made it. </p><p>The year 2020 featured a global pandemic, an economic downward spiral, and an unforgettable presidential election. In the world of <keyword id="6354851" type="UNKNOWN" weightage="100" keywordseo="retail">retail</keyword>, 2020 was similarly grim, with a massive wave of <keyword id="17898" type="ORGANIZATION" weightage="60" keywordseo="Store">store</keyword> closures and industry bankruptcies defining much of the shopping landscape throughout the year.</p><p>But, believe it or not, 2020 also had its good moments.</p><p>Today, we'll take a look at the biggest events in retail in 2020, as we celebrate the turn of the year with a special edition of Insider Retail. We'll go through the ups and downs of 2020 - from store closures to the acceleration of <keyword id="35621" type="PERSON" weightage="60" keywordseo="e-commerce">e-commerce</keyword> - and try to predict what's to come in 2021.</p><p>Next week, we'll be back to our regularly scheduled programming. So if you haven't already subscribed, take the first step in making your 2021 much better than 2020 by <a href="http://newsletter.businessinsider.com/join/4np/newsletter.businessinsider.com/join/4np/insider-retail" target="_blank" rel="noopener">clicking here and subscribing.</a></p><p>Lastly, from all of us here at Insider Retail, thanks for sticking around throughout 2020! Here's to a happy - and hopefully more normal - New Year!</p><p>Now onto the roundup:</p><h2><a href="https://www.businessinsider.com/the-pandemic-made-grocery-stores-winners-and-department-stores-losers-2020-12" target="_blank" rel="noopener">Retail's winners and losers in 2020</a></h2><div type="image" title="walmart store shoppers" height="563" width="750" msid="80062231" hostid="261"></div><p>The pandemic had a <a href="https://www.businessinsider.com/the-pandemic-made-grocery-stores-winners-and-department-stores-losers-2020-12" target="_blank" rel="noopener">polarizing</a> impact on retail. While some companies endured major losses due to store closures and mandated stay-at-home orders, others were galvanized by a boom in panic-buying and e-commerce.</p><p><strong>The winners:</strong> Big-box <keyword id="6566827" type="UNKNOWN" weightage="60" keywordseo="chains">chains</keyword> like Walmart, Costco, and Target saw major sales gains in-store thanks to their status as "essential businesses," which allowed them to stay open when other retailers and <keyword id="34615" type="ORGANIZATION" weightage="60" keywordseo="restaurants">restaurants</keyword> had to close. In addition, digitally native businesses like Amazon and smaller direct-to-consumer companies witnessed surges in sales as well - particularly those focused on athleisure wear. The same can be said of at-home fitness companies like Peloton and Echelon.</p><p><strong>The losers:</strong> Many restaurants, <keyword id="6362766" type="UNKNOWN" weightage="60" keywordseo="apparel">apparel</keyword> chains, and department stores suffered large amounts of damage last year. About 40 major retailers <a href="https://www.businessinsider.com/retailers-filed-bankruptcy-liquidation-closing-stores-2020-2">filed for bankruptcy</a> in 2020 and more than 11,000 stores have closed, according to commercial real estate research firm CoStar Group. </p><h1><a href="https://www.businessinsider.com/restaurant-trends-ma-consolidation-menu-cuts-to-escalate-in-2021-2020-12" target="_blank" rel="noopener">How the pandemic may have permanently changed the restaurant industry</a></h1><div type="image" title="outdoor dining covid plastic tent" height="1529" width="2039" msid="80062232" hostid="261"></div><p>Forced closures and new safety regulations pummeled the restaurant industry in 2020.</p><p>Twelve restaurant chains filed for <a href="https://www.businessinsider.com/8-restaurant-chains-that-have-filed-for-bankruptcy-during-pandemic-2020-9" target="_blank" rel="noopener">bankruptcy</a> last year in the wake of the pandemic. In total, the National Restaurant Association said about <a href="https://www.businessinsider.com/coronavirus-restaurant-industry-faces-down-apocalypse-2020-3" target="_blank" rel="noopener">110,000</a> restaurants locations have closed.</p><p>Many chains were forced to quickly <a href="https://www.businessinsider.com/restaurant-trends-ma-consolidation-menu-cuts-to-escalate-in-2021-2020-12" target="_blank" rel="noopener">adapt</a> their business models to stay afloat. Changes included menu cuts, increased automation, and a new reliance on third-party delivery services.</p><p>According to some experts, these changes will likely <a href="https://www.businessinsider.com/restaurant-trends-ma-consolidation-menu-cuts-to-escalate-in-2021-2020-12" target="_blank" rel="noopener">persist</a> in a post-pandemic world.</p><h2><a href="https://www.businessinsider.com/these-21-dtc-brands-are-hiring-with-competitive-salary-benefits-2020-12#winc-7"><strong>Americans shopped online more than ever before, leading direct-to-consumer brands to thrive</strong></a></h2><p><strong><div type="image" title="walmart ecommerce shop online customer" height="683" width="910" msid="80062233" hostid="261"></div></strong></p><p>With stores temporarily shuttered early on during the pandemic, Americans turned to online shopping en masse for everything from essential goods to comfort buys. In November, <a href="https://www.businessinsider.com/nrf-black-friday-isnt-dead-next-year-could-be-biggest-ever-2020-12">a record-breaking 100 million people</a> shopped online on Black Friday, with the percentage of people exclusively making purchases online increasing 44% from 2019. Looking ahead, experts anticipate e-commerce to only <a href="https://www.businessinsider.com/e-commerce-companies-that-are-poised-to-boom-in-2021-2020-12">continue to grow in the new year</a>. </p><p>The rise in e-commerce <a href="https://www.businessinsider.com/these-21-dtc-brands-are-hiring-with-competitive-salary-benefits-2020-12#winc-7">boded especially well for direct-to-consumer brands</a>, several of which reported massive growth in 2020. With limited brick-and-mortar store options and the fear of spreading the virus running rampant, shoppers sought out alternative ways to procure items like groceries and toiletries, flocking to companies like Imperfect Foods and Thrive Market. <keyword id="46888" type="ORGANIZATION" weightage="60" keywordseo="DTC">DTC</keyword> <keyword id="31174" type="PERSON" weightage="60" keywordseo="brands">brands</keyword> specializing in everything from alcohol and feminine products to pet food and furniture also saw major gains as the year progressed. </p><h2><a href="https://www.businessinsider.com/17-digital-fitness-power-players-changing-how-americans-workout-2020-12">Virtual at-home fitness companies brought the gym experience to your living room </a><div type="image" title="peloton at home" height="1328" width="1770" msid="80062234" hostid="261"></div></h2><p>While Peloton emerged as one of the <a href="https://www.businessinsider.com/experts-weigh-in-impact-of-pelotons-420-million-precor-acquisition-2020-12">clear winners of the pandemic</a> - with demand for its stationary bicycles and treadmills growing so high it struggled to keep up - fitness brands specializing in everything from <a href="https://www.businessinsider.com/virtual-fitness-streaming-subscriptions-exercise-program-peloton-pandemic-2020-9">at-home yoga to virtual kickboxing</a> also reaped the benefits of Americans being forced to stay home and skip the gym. </p><p>And while the future of gyms and group fitness remains uncertain, many anticipate the virtual fitness trend is here to stay, as the pandemic makes lasting shifts to American lifestyles. According to the advisory firm <a href="https://www.lincolninternational.com/perspectives/trends-in-digital-fitness/" target="_blank" rel="noopener noreferrer">Lincoln International,</a> the global digital fitness market swelled to an estimated $27.4 billion in 2020, up 32.6% from 2017.</p><p>Meanwhile, traditional brick-and-mortar gyms and studios felt the strain, leading to<a href="https://www.businessinsider.com/fitness-sporting-goods-retailers-filed-bankruptcy-liquidation-closing-stores-2020-9"> bankruptcies from major fitness companies</a> like Gold's Gym, 24 Hour Fitness, YogaWorks, and Flywheel.</p><h2>The wackiest new menu items to launch in 2020:</h2><div type="image" title="Spicy donut Dunkin' ghost pepper" height="810" width="1080" msid="80062235" hostid="261"></div><ul><li>Dunkin's <a href="https://www.businessinsider.com/dunkin-ghost-pepper-donut-halloween-taste-test-in-photos-2020-10" target="_blank" rel="noopener">Spicy Ghost Pepper</a> donut</li><li>The $6 <a href="https://www.businessinsider.com/mcdonalds-travis-scott-meal-promotion-review-and-analysis-2020-9" target="_blank" rel="noopener">Travis Scott</a> meal from McDonald's</li><li>TikTok superstar Charli D'Amelio's <a href="https://www.businessinsider.com/dunkins-tiktok-strategy-includes-charli-damelio-partnership-and-ugc-2020-9" target="_blank" rel="noopener">"The Charli"</a> drink option at Dunkin'</li><li>Chipotle's <a href="https://markets.businessinsider.com/news/stocks/chipotle-launches-the-tony-hawk-burrito-offers-access-to-tony-hawk-s-pro-skater-1-and-2-warehouse-demo-1029487048" target="_blank" rel="noopener">Tony Hawk Burrito</a></li><li>Chick-fil-A's Chocolate Fudge <a href="https://www.businessinsider.com/chick-fil-a-new-menu-items-brownie-new-coffee-2020-9" target="_blank" rel="noopener">Brownie</a> and Mocha Cream Cold Brew</li><li>Burger King's <a href="https://www.businessinsider.com/burger-king-impossible-croissanwich-where-to-get-it-2020-2" target="_blank" rel="noopener">Impossible Croissan'wich</a></li><li>KFC's <a href="https://www.businessinsider.com/kfc-fried-chicken-sandwich-between-2-glazed-doughnuts-review-2019-9" target="_blank" rel="noopener">fried-chicken-and-donut</a> sandwich</li><li>Popeyes' <a href="https://www.businessinsider.com/popeyes-launches-beignets-powdered-sugar-hersheys-chocolate-limited-time-2020-12" target="_blank" rel="noopener">beignets stuffed with Hershey's chocolate</a></li></ul><h2>The wildest retail stories of 2020:</h2><div type="image" title="disney world mask wdw" height="1706" width="2275" msid="80062237" hostid="261"></div><ul><li>Whole Foods tracked its employees with a <a href="https://www.businessinsider.com/whole-foods-tracks-unionization-risk-with-heat-map-2020-1" target="_blank" rel="noopener">heat map tool</a> to see which stores were most likely to unionize.<strong><br /></strong></li><li>Inside McDonald's $1 billion <a href="https://www.businessinsider.com/mcdonalds-black-franchisees-file-lawsuit-against-fast-food-giant-2020-10" target="_blank" rel="noopener">racial-discrimination lawsuit</a> and Black franchisees' push for equality.</li><li>Hobby Lobby <a href="https://www.businessinsider.com/hobby-lobby-reopened-stores-in-states-with-coronavirus-lockdowns-2020-3">defied state-mandated orders</a> to close non-essential businesses, quietly reopening stores and endangering employees.</li><li>The company that makes Calvin Klein and Guess jeans <a href="https://www.businessinsider.com/apparel-workers-forced-return-to-office-face-firing-pay-cuts-2020-10#:~:text=According%20to%20email%20communications%20from,office%20five%20days%20a%20week.&amp;text=Business%20Insider%20verified%20their%20identities.ies." target="_blank" rel="noopener">forced workers</a> to head back into a full-capacity office or be fired amid the pandemic.</li><li>Ruby Tuesday Ruby <a href="https://www.businessinsider.com/ruby-tuesday-halts-retirees-pension-payments-during-pandemic-2020-9" target="_blank" rel="noopener">stopped paying pensions</a> to more than 100 retirees.</li><li>A CVS district leader <a href="https://www.businessinsider.com/cvs-told-staff-to-hide-worker-covid-19-cases-from-patients-2020-8" target="_blank" rel="noopener">instructed pharmacy staff</a> not to tell patients their medications were filled by someone who tested positive for COVID-19.</li><li>The pandemic affected how Disney World employees <a href="https://www.businessinsider.com/disney-workers-feel-safe-yet-distant-covid-cases-surge-florida-2020-7" target="_blank" rel="noopener">made magic at "The Happiest Place on Earth."</a></li></ul>

You Searched For "yogaworks" and got 8 results

24 Hour Fitness reportedly considers bankruptcy options as the coronavirus pandemic continues to squeeze gyms across the US

Mary Hanbury

YogaWorks is permanently closing all New York City studios as the coronavirus outbreak wreaks havoc on the US fitness industry

Bethany Biron

Flywheel Sports is filing for bankruptcy and closing all of its studios, becoming the latest fitness company to meet its demise as a result of the pandemic

Bethany Biron

An unprofitable yoga chain is making a 2nd attempt at an IPO - for way less money

Joe Ciolli

24 Hour Fitness files for bankruptcy and closes over 130 gym locations across the US

Mary Hanbury

An unprofitable yoga chain is the latest failed IPO

Joe Ciolli

STOCKS DO NOTHING: Here's what you need to know

Bob Bryan

Insider Retail: The best retail stories of 2020 - and what to expect in 2021

Shoshy Ciment,Bethany Biron