The fitness chain will sell itself under terms proposed by TRT Gym Asset Holdings in its bankruptcy petition filed with the court.
The filing occurs after the worldwide shutdown of businesses during the COVID-19 pandemic.
CEO Adam Zeitsiff said, “We are filing this to restructure the company, and this is strictly as a result of the pandemic. We were on a massive turnaround. We were refranchising stores, awarding company-owned stores to franchisees. We were all over the place growing our business. We were ahead of plan for the year. And then COVID-19 hit, and this is simply our way of acting swiftly to ensure we have a long-term viable and sustainable business.”
24 Hour Fitness is rumored to be filing for bankruptcy too which would give Planet Fitness a dominating position in the sector.