Time has run out for some area 24 Hour Fitness gyms.
The workout chain filed for bankruptcy on Monday, and on its website said it has permanently closed 134 locations across 14 states. Of the 13 Colorado locations included on that list, 10 are in the Denver metro area.
The closures bring the company down to about 300 gyms nationwide.
According to The Denver Post, CEO Tony Ueber announced 24 Hour Fitness has filed for Chapter 11 bankruptcy in an email to members.
“As part of this, we have received commitments for $250 million in financing that will allow us to continue our club reopening process without interruption,” Ueber said in the letter. “This restructuring will enable us to eliminate debt and close selected clubs that were either out-of-date or in close proximity to other 24 Hour Fitness clubs.”
In April, CNBC reported that the gym chain was working with advisors at investment bank Lazard and law firm Weil, Gotshal & Manges to weigh options, including bankruptcy. The chain was faced with heavy debt, deteriorating performance and a pandemic that closed its more than 400 clubs.
24 Hour Fitness now has 18 gyms in Colorado, 16 of which will reopen July 22 and two that will reopen July 7. Members can work out at any re-opened location for the remainder of 2020, according to the fitness chain.
The chain has four categories of clubs: Active, Sport, Super-Sport and Ultra-Sport.
Active clubs are basic fitness centers up to 25,000 square feet with cardio equipment, free weights, and other weight training machines and group exercise classes. The somewhat larger, from 35,000 to 50,000 square feet, Sport clubs include a basketball court and swimming pool.
The Super-Sport category offers massage, sauna and steam room amenities. 24 Hour Fitness’s Ultra-Sport clubs are in the 100,000-square-foot range, large enough to fit day spas, racquetball courts, rock climbing and a running track in addition to the Super-Sport offerings.
The Denver metro area closures are:
- + 2770 S. Colorado Blvd., Denver
- + 360 S. Teller St., Lakewood
+ 3435 S. Inca St., Englewood
+ 11798 Oswego St., Englewood
+ 2650 W. Belleview Ave., Suite 100, Littleton
+ 6839 S. Vine St., Centennial
+ 333 Dad Clark Drive, Highlands Ranch
+ 4100 S. Parker Road, Aurora
+ 1450 S. Abilene St., Aurora
+ 4650 W. 120th Ave., Broomfield