24 Hour Fitness Files For Bankruptcy

24 Hour Fitness announced the closure of about 130 gyms and filed for Chapter 11 bankruptcy to restructure its debt and cut costs. The company secured $250 million in funding to reopen some locations after COVID-19 forced closures. CEO Tony Uber stated that the pandemic's impact necessitated the filing. Other gyms like Gold's Gym also faced bankruptcy, with many middle-tier gyms struggling even before the pandemic. Consumers are shifting towards more affordable fitness options and home workouts, with Peloton seeing a significant revenue increase.

What was the primary reason for 24 Hour Fitness filing for Chapter 11 protection?

• To reduce its debt and cut costs

• To increase membership fees

• To merge with another fitness company

• To expand its business operations

How much funding did 24 Hour Fitness secure to reopen some of its locations?

• $100 million

• $250 million

• $500 million

• $750 million

By when does 24 Hour Fitness expect to have most of its clubs reopened?

• By the end of July

• By the end of June

• By the end of May

• By the end of August

Which other gym chain filed for bankruptcy during the pandemic?

• Anytime Fitness

• Gold's Gym

• LA Fitness

• Planet Fitness

What alternative fitness option saw a 66% surge in revenue during the pandemic?

• Home yoga classes

• Peloton

• Outdoor boot camps

• Virtual personal training