- Some locations are expected to close.
- 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.