The company 24 Hour Fitness is the latest victim of the coronavirus crisis and has filed for Chapter 11 bankruptcy. The nationwide company claims in that filing to have arranged a $250m line of credit that would allow it to open some of its locations by the end of June, but 100 of the 300 it operated until now will not be opening to the public again. The company’s CEO Tony Ueber said that while the company’s collapse was due entirely to the pandemic, it would be capable of moving on from the current situation. ” We expect to have substantial financing with a path to restructuring our balance sheet and operations to ensure a resilient future,” he 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.”
