Flywheel Sports files for liquidation bankruptcy

Fitness chain’s financial woes predated the pandemic

TRD NATIONAL /
Sep.September 15, 2020 01:57 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
J.C. Penney at the Westfield South Shore mall in Long Island and  J.C. Penney CEO Jill Soltau (Google Maps; Getty)

J.C. Penney to keep Bay Shore outpost open for now

J.C. Penney to keep Bay Shore outpost open for now
Eugene Diaz, Edwin Cohen, Tatsuyuki Yasuno, and the building

Pharma firm signs 332K-sf lease in what appears to be NJ’s biggest office lease of the year

Pharma firm signs 332K-sf lease in what appears to be NJ’s biggest office lease of the year
KBS sells Florham Park office buildings for $311M

KBS sells Florham Park office buildings for $311M

KBS sells Florham Park office buildings for $311M
The Home Depot in Lodi

Home Depot-anchored property trades for $53M in Lodi

Home Depot-anchored property trades for $53M in Lodi
Greenwich office and retail complex trades for $67M

Greenwich office and retail complex trades for $67M

Greenwich office and retail complex trades for $67M
Concept plans for 'The Halo' at 289-301 Washington Street and Meridian Capital Investment's David Schechtman - provided by Meridian Capital Investments/ Minno Wasko

Developer seeks $40M for Opportunity Zone site in downtown Newark

Developer seeks $40M for Opportunity Zone site in downtown Newark
Gosman's Dock in Montauk

This East End icon might finally be closing in on a sale

This East End icon might finally be closing in on a sale
Another day, another big development deal in New Rochelle

Another day, another big development deal in New Rochelle

Another day, another big development deal in New Rochelle
arrow_forward_ios

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

Loading...