This beloved gym chain has just filled a bankruptcy
The channel recently received a $ 10 million loan of $ 10 million, but it was not enough to keep businessworthy business.
With activities, especially indoors who involve heavy breathing, as the exercise with a potential risk of transmission of COVID and many municipalities forcing the closure of the training studios once again, it is not surprising that Gymnasiums have a rough shot of things in the middle of the coronavirus pandemic. And with a recentCovid flames from a gym-Maggus The studio in question The recommended precautions Coronavirus-things do not become more difficult for the fitness industry. YOUFIT is thelast gym chain to feel the financial sting of the Coronavirus pandemic, recently requested the protection of bankruptcy of Chapter 11, theSouth Florida Business Journal reports. Continue reading to discover the details, and if you want to do your workouts as safe as possible,This is the best time to go to the gym, say the experts.
"As it did for many industries, including other health clubs, the pandemic hit YEFIT hard, and we made the decision to restructure the company by a bankruptcy deposit," YEFIT spokespersonEvan Niermansaid in a statement.
YouFIT, who once had 85 gyms across the United States, had closed a number of locations before the pandemic, and has been financial hardship since Covid struck statteside.
The channel has recently received a $ 10 million Paycheck Protection Program loan, and owes loans ranging from $ 127,000 to $ 499,000. However, despite its financial situation, YOUFIT has not yet announced additional closures or plans to fire employees. Instead, pending tribunal approval, the company can be sold to its creditors for $ 75 million, which will effectively forgive its significant debts. "As we enter this new design phase at the youfit position for future success, we remain determined to help our members live a healthy life and adjustment," said Nierman.
The bankruptcy deposit is the last of a series of major disturbances to the activity of YOUFIT from the pandemic, but it started,. In June, founder and CEO YOUFITRick Berks resigned to society, just like his daughter,Christy Berks-Stross, Who served as a legal advisor of the chain, theSouth Florida Business Journal reported. The chain also came under fire during the pandemic when customers realized they werealways invoiced their monthly premium Despite the gymnasiums being closed, depending on theMiami New Times.
YOUFIT is not the only company that struggles in the middle of the pandemic, however. Continue reading to discover that other companies have struggled to stay afloat. And to close more new Gymnasium,This beloved chain gym closes 100 pitches.
Read the original article onBetter life.
1 Yogaworks
Yogaworks popular gym channel announced its plans forClose all 66 of its statementside locations On October 15, the company, which was founded in California in 1987, temporarily closed all its studios as a COVID measure at the beginning of 2020, announcing the final closure of its places of New York in April. However, despite the physical locations of Yogaworks Closing, the company announced that it would "continue to build on the highlights of digital platforms and education" with online courses. And for more new business closing,This beloved animal closes all American places.
2 24 HOUR FITNESS
24 Hour Fitness, which has more than 300 clubs around the world, announced in June that it would close 100 of its sites in 14 states. The company clearly indicated in a statement that the deposit of the bankruptcy that precipitated the closure was a direct consequence of the coronavirus pandemic. "If there was no Covid-19 and his devastating effects, we would not beFiling for Chapter 11"," Said 24 hours CEO of fitnessTony UEBER in a report. And for more companies in difficulty in the middle of the pandemic,This beloved restaurants of the chain just went bankrupt.
3 Justice
Of course, it's not just gymnasium feel the effects of the coronavirus pandemic. Beloved Tween Store Justice announced in November thatall his points of sale would close. In a statement released on November 11, the mark revealed that "should a wind down all the places of justice to conclude in early 2021. And for more news on the closing of companies near you,Sign up for our daily newsletter.
4 Gorham and fabric paper and White Mountain Tissue
The toilet paper can be a common stock element in the coronavirus environment, but it was not enough to keep a little popularHygienic paper deposit companies for Chapter 11 of Bankruptcyprotection. November 4, Zohar III Corp., parent company of Gorham Paper and fabric and fabric and white fabric, which both manufacture hygienic paper and other products, deposited for bankruptcy in the state of origin of the company Delaware. And for another company in difficulty, check This emblematic sporting goods company closes stores at the national level .
