Thanks to a reader for sending from Washington Sports Clubs:
“On September 14, 2020, Town Sports International LLC announced that it and a number of its affiliates have filed voluntary Chapter 11 petitions to restructure under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. To learn more, please visit here.
Town Sports intends to use the Chapter 11 process to engage in further discussions with their landlords and other creditors to successfully restructure their debts to best position the Company for long-term success in the current fitness industry environment. This includes our New York Sports Clubs, Boston Sports Clubs, Philadelphia Sports Clubs, Washington Sports Clubs, Lucille Roberts, Total Woman, and Around the Clock Fitness brands. With Chapter 11, companies generally seek a seamless transition in operations upon a filing, so our members will not recognize a break in service. Town Sports International is not going out of business.
Restructuring is the best way to properly respond to the COVID-19 pandemic, with the long-term goal to emerge as a thriving powerhouse in the fitness industry. The goal is to emerge from Chapter 11 as an even stronger company, better positioned to serve members into the future. Town Sports will continue to operate its facilities as usual throughout this process, and members should not notice any changes to their fitness journeys. To ensure we operate in a safe and calculated manner, we will continue to reopen clubs as well as certain amenities in a ‘phased’ approach as we evaluate the best time and locations. We are committed to making Town Sports International success and rewarding the trust our members and employees have in us to deliver excellence focused on safety and service. We are deeply grateful for your continued loyalty and we are excited to continue supporting you along your fitness journey well into the future.”