Spring, Texas – 24 Hour Fitness announced Monday that the company has filed for Chapter 11 bankruptcy. The company will close more than 100 of its locations nationwide, including four gyms in the Spring area.
Chapter 11 bankruptcy allows a company to keep operating while it works out a plan to pay creditors and ease its debt load.
“If it were not for COVID-19 and its devastating effects, we would not be filing for Chapter 11. With that said, we intend to use the process to strengthen the future of 24 Hour Fitness for our team and club members, as well as our stakeholders,” Chief Executive Officer Tony Ueber said in a statement.
The Highway 249 (Compaq), Houston FM 1960, Spring-Cypress, and West Woodlands locations will be permanently closed. Across Texas, the company is closing 26 locations, with 12 of them located in Houston.
- Highway 249 (Compaq) 21614 Tomball Parkway, Houston, TX 77070
- Houston FM 1960 4425 FM 1960 West, Houston, TX 77068
- Spring-Cypress 25632 Highway 290, Cypress, TX 77429
- West Woodlands 10860 Kuykendahl Road, The Woodlands, TX 77381
The company said that it will operate about 300 gyms nationwide after the closures.