24 Hour Fitness weighs bankruptcy as coronavirus pushes fitness industry to brink

cnbc.com/2020/04/18/24-hour-fitness-weighs-bankruptcy-amid-coronavirus-pandemic.html

What's going to happen to our grandfathered-in plans? I pay $80 a year. How come they didn't file an insurance claim like every other company and get a payout from this?

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>How come they didn't file an insurance claim like every other company and get a payout from this?
they did

its not enough

They are in too much debt as it is a terrrible business model that relies on conyinual growth.

Your plan will cease to exist in the short future.

Yeah, Gold's gym saw it coming like a decade ago and started selling off their gyms and assets. The industry ended up super toxic, like loan sharks, billing expired cards and expecting to get hundreds of not thousands of dollars for nothing. And now that people are going to see how hard it is to cancel their contracts, especially the people who never really used their memberships, gyms are going to have a hard time recovering. It is basically like a bubble inflated by debts that will realistically never be paid, because the people will sooner never step foot in the gym than try to pay hundreds of dollars to settle a balance on an account they never used. RIP.

How? Do they have some fucked up businesses model? Are they paying their employees instead of laying them off? It's not like a gym needs constant maintenance. Once you close the doors you can just forget about it.

What will happen to the facilities? Isn't it a good opportunity to buy one amd make your own gym? Like "guy heaven" or something (male only gym)

>Like "guy heaven" or something (male only gym)
That doesn't sound like heaven, that sounds like a gay porno.

Man, this pandemic is destroying all the right things and making sure only the good parts survive.

It is an oppertunity if you have the money, their leases will become available not long after they go bankrupt, with equipment most likely being auctioned.

>What will happen to the facilities? Isn't it a good opportunity to buy one amd make your own gym? Like "guy heaven" or something (male only gym)

lol. Just start a gay bar.

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Just one of the names fit gave to a guy that wanted to open a gym
Imagine bros, being oiled by twinks/bros/women with your lifting bros while you hear ancient greek songs about the olympics, then lift all the kinds of weights and enjoy a traditional ancient meal with the Champions, and of this being oiled in olives

Fuck off faggot. You are only jealous of thots because the only good looking men in your gym give their attention to them rather thank your twink ass booty pants faggot


How are gyms bankrupting? It is not expensive to maintain unless it's rent in a competitive location. Just buy all your stuff like squat racks weights off gumtree ebay fb marketplace.

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>terrrible business model

Not really. Gyms are highly profitable, especially if you're the leader. 24-hour fitness was bought out by a private equity firm who thought they could run it and raise rates on grandfathered-in customers. they ended up losing the lawsuit bad. I even got a check in the mail because they jacked up my rate.

Let's not forget the millions they paid for the company, that's all debt they have to pay back. The parent company of 24-hour fitness got themselves in this mess by bowing to the banker gods and now they're fucked.

vulture the equpiment. It's better to buy used equpiment then pay 2k for the same thing you can get used for 500$. A fucking seated calf raise is apparently 3k new but used pennies.

>Not really.
>going out of business

So there will be buyable equipment for a reasonable price again soon?

But you can't forget about your rent, interest on you debt, etc.

What makes you think you could succeed where they failed?

Can these huge corporate Gyms really not afford 2 months of rent?

I wonder where whole equipment will go? I would love to buy it.

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Christ, major Simp post.

YIKES!

Someone would buy the chain before they closed the doors and liquidated everything.

I have homegym so i dont know but did they stop the payments from the members or are they just refusing to pay ? and if they stopped why dont they start charging again, it would ruin their Reputation but thats better than going bankrupt i guess ?

nice reddit spacing faggot

ah fugg there goes my gym

Maybe after all of this we can finally have guy heaven? A gym that's for GUYS ONLY

that would literally attract just gay people

Well your secretly a fag so you would point it out, closet case

based

>$80 a year

jesus fuck I pay almost this much a month

Some of us aren’t degenerate alchies

Yup