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 new insight or understanding did you gain from this video?