The Briefing Room
General Category => Economy/Business => Topic started by: PeteS in CA on June 16, 2020, 12:30:53 am
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https://www.marketwatch.com/story/24-hour-fitness-declares-bankruptcy-expects-to-reopen-most-gyms-by-end-of-june-2020-06-15 (https://www.marketwatch.com/story/24-hour-fitness-declares-bankruptcy-expects-to-reopen-most-gyms-by-end-of-june-2020-06-15)
24 Hour Fitness declares bankruptcy, expects to reopen most gyms by end of June
24 Hour Fitness Worldwide Inc. declared for bankruptcy Monday, citing the "disproportionate impact" of the COVID-19 pandemic. The gym chain said it expects to secure about $250 million in debtor-in-possession financing, which should provide the company with enough liquidity to continue operations, including phased reopenings of its fitness clubs. The company expects to to reopen most of its clubs by the end of June. ...
The San Jose location I use isn't on the closings list.
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A couple of local gyms here went out of business thanks to the lockdown. Of course, who knows how many businesses going under were in trouble before COVID? The virus and the lockdown might have just been the straw that broke the camel's back.
I still don't understand why gyms, barber shops, beauty salons, nail salons and other personal service businesses could not stay open, but I could go to my doctors and they could examine me up close and personal. The whole business of determining which business was "essential" enough to stay open and which wasn't has been mired in stupidity and maybe corruption.
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--Gym business is competitive
--Profit is made on new members, that use for only awhile
--It is discretionary money, e.g. a person can keep up their fitness workouts, w/o a gym membership
+ +My wife and I have "Silver Sneakers through Medicare (free gym membership) 24Hr