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Owner of New York Sports Clubs files for bankruptcy

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Owner of New York Sports Clubs files for bankruptcy

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Town Sports (Reuters) – Town Sports International Inc CLUB.O, the owner of New York Sports Clubs, filed for Chapter 11 bankruptcy on Monday after the coronavirus pandemic forced its gyms to close and caused revenue to dry up.

The company’s assets and liabilities were in the range of $500 million to $1 billion, according to a court filing in the U.S. Bankruptcy Court in Delaware.

Reporting by Jonathan Stempel in New York and Aakriti Bhalla in Bengaluru; Editing by Anil D’Silva

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