Flywheel Sports files for liquidation bankruptcy

Fitness chain’s financial woes predated the pandemic

TRD NATIONAL /
Sep.September 15, 2020 12:57 PM
 Flywheel Sports President Travis Frenzel (LinkedIn; Getty)

Flywheel Sports President Travis Frenzel (LinkedIn; Getty)

Flywheel Sports and its affiliates have filed for bankruptcy, joining a list of fitness studio operators crushed by the coronavirus.

The spin-cycle studio brand’s Chapter 7 filing would lead to liquidation of its assets. The documents were filed late Monday with the U.S. Bankruptcy Court in New York.

Todd Meyers, attorney with Kilpatrick Townsend & Stockton of New York, is handling the case for Flywheel. He confirmed the Chapter 7 filing but declined to comment further.

Flywheel Sports’ estimated assets are between $10 million and $50 million, and its estimated liabilities are between $50 million and $100 million, according to the court documents.

Established in 2010 in New York’s Flatiron District, Flywheel Sports grew rapidly. As of 2017, it had 42 studios across the nation and employed 1,200 people, according to the company.

But the indoor-cycling studio operator ran into financial problems a few years before the pandemic and had been looking for a buyer.

Town Sports International, the owner of New York Sports Clubs, reportedly agreed to purchase Flywheel Sports in January, aiming to use acquisition financing to pay down a $200 million loan coming due in November.

But the deal fell through, and Town Sports itself filed for bankruptcy earlier this month.

Dead weight: New York Sports Clubs owner files for bankruptcy

Fitness clubs have been among the most affected businesses during the pandemic. Gold’s Gyms International and 24 Hour Fitness Worldwide also filed for bankruptcy this year.


Related Articles

arrow_forward_ios
Brian Whiting, CEO of Telos Group, and the Old Post Office (Credit: Google Maps)

Lonely at the top: 601W Cos. opens Old Post Office rooftop park in WFH world

Lonely at the top: 601W Cos. opens Old Post Office rooftop park in WFH world
Cars.com CEO Alex Vetter and the building (Credit: Google Maps)

Cars.com wants to shrink its space at West Loop HQ

Cars.com wants to shrink its space at West Loop HQ
Thor Equities’ Joseph Sitt and Palmer House Hilton at 17 East Monroe Street (Google Maps)

Thor’s Palmer House hit with $300M+ foreclosure suit

Thor’s Palmer House hit with $300M+ foreclosure suit
Cook County Assessor Fritz Kaegi and downtown Evanston

Cook County landlords get bad news about 2020 taxes

Cook County landlords get bad news about 2020 taxes
Joe Sitt and 905 W. Fulton Market (Credit: Thor Equities)

Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off
Ald. Walter Burnett (27th)

Alderman Burnett to lift ban on resi development in Fulton Market

Alderman Burnett to lift ban on resi development in Fulton Market
Amazon CEO Jeff Bezos with 4306 120th Ave. in Kenosha and 23700 W. Bluff Road in Channahon (Credit: Getty Images; Google Maps)

Amazon is at it again in Chicago

Amazon is at it again in Chicago
John Murphy, head of Murphy Development Group and a rendering of 8000 N. Lincoln Ave. (Credit: Murphy Development; rendering via Lucien Lagrange)

In this market, a good construction loan is hard to find

In this market, a good construction loan is hard to find
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...