24 Hour Fitness files for bankruptcy

[bing101]

https://katu.com/news/local/24-hour-fitness-to-permanently-close-2-clubs-in-portland-metro-area

This is given that Gyms have been shut down for some time due to COVID-19 shutdown orders by states.

[ozarkman417]

Maybe if Planet Fitness goes bankrupt, I can get my local grocery store back... for some reason they like taking over those.

[Max Rockatansky]

Really it's going to be the smaller scale gyms that weather the storm better than fitness clubs do.  Low staff and a lot of autonomy seems to be the model a lot of gyms have been going anyway.   I'm just glad mine reopened since it was a local chain, I don't think they could've held out much longer. 

[oscar]

https://katu.com/news/local/24-hour-fitness-to-permanently-close-2-clubs-in-portland-metro-area

According to the Wall Street Journal (all but the beginning of the article is paywalled), 24 Hour Fitness plans to permanently close about a third of its gyms, but will try to reopen the others under bankruptcy protection. Sucks if you live in Portland, but customers elsewhere might do better.

[bing101]

https://losangeles.cbslocal.com/2020/06/15/24-hour-fitness-permanently-closes-18-gyms-across-la-oc-files-for-bankruptcy/
It's actually nationwide though the closings and yes they cite COVID-19 shutdown orders as one of the reasons for bankruptcy.

[US71]

Things just never worked out for them?

[SEWIGuy]

24 hour fitness centers run on a very thin margin.  I know someone who owned a few franchises for Snap Fitness, and while initially it worked out good, competition just drove the membership revenue down.  People would jump from Snap...to a competitor...to dropping membership altogether...etc. etc. etc.

IOW, there is no brand loyalty because none of these places offer services that differentiate one from another.

[Roadrunner75]

I used to have a really cheap Bally's lifetime membership with a permanent locked-in rate that I purchased from a coworker under their one-time transfer program (they bought it in the mid 80s).  I put it to good use for awhile, but like many gym memberships I stopped going regularly after awhile (strangely coinciding with when I met my future wife - what she probably considers bait and switch!).  A few years ago, after regularly sending in my yearly $60 renewal for a membership I rarely used but was too cheap to drop, the Bally's chain finally closed down and my local location changed to a 24 Hour Fitness.  My membership transferred with it, but - surprise surprise - my dues went through the roof.  And of course the misleadingly named 24 Hour Fitness was not actually open 24 hours, but still had the same lousy hours that Bally's had.  Not too long afterwards I dropped the membership and the location itself - which was never improved from its Bally's days - closed as well.  I'm not really surprised they are going down the tubes.

[wxfree]

And of course the misleadingly named 24 Hour Fitness was not actually open 24 hours, but still had the same lousy hours that Bally's had.

I saw a comic strip that addressed this matter.  I think it was Garfield.  As I recall, Jon went to a diner with a sign that said "Open 24 hours."  He was told they were closed.  He pointed out "your sign says you're open 24 hours."  The reply was "we are, but not all in a row."

Stand up comedian: "24 hour banking, I don't have time for it."