The CEO of 24 Hour Fitness, Tony Ueber, said the devastating effects of COVID-19 has forced the company to file for Chapter 11 bankruptcy.
Filing for Chapter 11 bankruptcy will allow the company to secure about $250 million in debtor-in-possession financing, subject to court approval, according to its announcement on Monday. The company said that these funds, plus 24 Hour Fitness's cash from operations, will allow the company to continue to reopen clubs nationwide in accordance with local and public health agency guidelines.
Read the more here or find the company's statement below.
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