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17 Sep 2020
Investors, led by Tacit Capital, are working to buy Town Sports International out of Chapter 11
BY
Tom Walker
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Town Sports said it intends to use the Chapter 11 process to restructure its debts and to position the company for 'long-term success'
photo: New York Sports Clubs
Town Sports International – which operates a raft of brands, including the New York Sports Club and Boston Sports Club – is looking to secure a takeover deal to safeguard its long-term future, following its recent move into Chapter 11. On 14 September, Town Sports became the latest US fitness operator to file for bankruptcy protection, following Gold’s Gym International (in May) and 24 Hour Fitness (June).
The company is looking to sell itself out of bankruptcy by securing a deal with a group of lenders, led by Tacit Capital, to provide the finance needed to keep its clubs open.
Town Sports said it intends to use the Chapter 11 process to restructure its debts and to position the company for "long-term success".
"We are not going out of business," a spokesperson said.
"Restructuring is the best way to properly respond to the COVID-19 pandemic, with the long-term goal being 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."
The company will continue to operate its facilities and plans to continue to reopen clubs in a phased approach in regions where lockdowns are being eased.
Town Sports operates the New York Sports Clubs, Boston Sports Clubs, Philadelphia Sports Clubs, Washington Sports Clubs, Lucille Roberts, Total Woman and Around the Clock Fitness brands.
In January, Town Sports announced plans to acquire the studio business of indoor cycling specialist Flywheel Sports – a deal which subsequently fell through due to the pandemic.
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