Brands are turning to naming strategies like spelling words incorrectly andcutting out vowels. This fact, combined with the companys successful emergence a few years ago from Chapter 11 protection should keep them off the list. This copy is for your personal, non-commercial use only. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. According toForbes, the Pandemic accelerated apparel filings. According toCrains New York, landlords are pursuing the private health club for more than $6 million in back rent. Two Days Mattered Most. EXPOSED: Does a New NCLC Ex Parte Filing Expose Their True Agenda to Little Weight Given to Conclusory Expert Declaration That Repeats IPR Department of Homeland Security Provides Information Related to EB-5 PTAB: Vidal Refocuses Guidance On Fintiv Factors And Discretionary Aluminum Is Now A Hot Topic In Supply Chain And Trade. Mandatory Arbitration Agreements Remain Valid in California, Antitrust Practitioners Expect Activity With Climate Issues. DC Circuit to Disputes Ancillary to Patent Matters: You Cant Sit Consumer Fraud PFAS Cases Continue To Rise. Focus on Health Care Provider Bankruptcies. Locking Tik Tok? According toShopping Center Business, Pet Valu announced a wind-down of its operations due to COVID-19. The womens footwear company owned by Premier Brands Group Holdings previously filed for bankruptcy in 2018. GAP Avoiding Bankruptcy, While Closing its Flagship Store? the end of 2020 and remain high in 2021, according to Moody's. LA Fitness fully drew . 50% off + free delivery on any order with DoorDash promo code, 60% off running shoes and apparel at Nike without a promo code, Score up to 50% off Nintendo Switch video games with GameStop coupon code, How Chilis Is Prepping for Tough Times, Starting With the Fries, The Tax Play That Saves Some Couples Big Bucks, Amazon Pausing Construction of Washington, D.C.-Area Second Headquarters. This page provides - Australia Bankruptcies - actual values, historical data, forecast, chart . Good morning. LA Fitness owns and operates health and fitness clubs that provide gym, pool, aerobics, spa, sun beds, cafe bar and personal training services. 24 Hour Fitness filed for Chapter 11 bankruptcy in June, announcing at the time that it would permanently shutter 130 of its gym locations in the US. But it could just signal a return to normal. As a Premium user you get access to background information and details about the release of this statistic. Fitness View More. A run of defaults looks almost inevitable. Healthcare indebtedness of over $5,000 was an issue for 12% of the participants, according to medical bankruptcies statistics. The failure of Louisiana insurance companies in the aftermath of a major hurricane is not unprecedented. Currently, you are using a shared account. Published by C. Textor , Aug 26, 2022. Business insolvencies in China have risen significantly over the last few years, reaching an estimated . If you require legal or professional advice, kindly contact an attorney or other suitable professional advisor. GT's The Performance Review Episode 19: Is the Fight Over AB 51 5 Reasons Community Associations Need an Attorney That Specializes in New York Proposes Regulatory Review and Approval of Material Health CMS Issues Long-Awaiting Medicare Advantage RADV Final Rule, Preventing the Use of Cryptocurrencies to Evade Sanctions. In the years leading up to 2020, those retailers that were forced to reorganize, sell themselves or liquidate entirely were typically the heavily indebted, often from private equity buyouts. At the end of the first quarter of this year, U.S. companies had amassed nearly $10.5 trillion in debt by far the most since the Federal Reserve Bank . Thomas S. Onder is a Shareholder and member of the Commercial, Retail and Industrial Real Estate, Litigation and Bankruptcy & Creditors Rights Groups of Stark & Stark. Chains like 24 Hour Fitness, Gold's Gym, and the owner of New York Sports Clubs have already filed for bankruptcy and collectively laid off hundreds of employees. LA Fitness has lined up a $300 million loan from the governments Main Street Lending Program, which provides emergency loans to help small- and medium-size businesses affected by the coronavirus pandemic, said Robert Wilson, the gym operators general counsel. Federally Recognized Holidays, Employer Considerations for DOLs New AEWR Rule. According to24/7WallSt.com, the company reported a second quarter net loss of $46.6 million. Licenses for Exports to Are You Ready for the UPC? The global pandemic has upended retail across the country. The debtor listed an address of 2214 N. Dixie Highway in Wilton Manors, and . Words With Friends, Part 1: Insurance Requirements and Contracts, Legislator Proposes To Expand CFL To Encompass "Commercial CERCLA PFAS Scope May Broaden To Many More PFAS, AI Avatar App is the Latest Target of BIPA Class Action Litigation. (if applicable) for The Wall Street Journal. Read more: The virtual at-home fitness boom is here to stay and will usher in a new era of exercising that will last long after the pandemic subsides, experts say. Lafitness. Industry Revenue Plummeted by 58% in 2020. "It Ain't Over 'Til It's Over" - Use Of A PTO Introduces Trademark Decisions and Proceedings Search Tool, FDA Issues Draft Guidance on Labeling of Plant-Based Milk Alternatives, Government Wins $43 Million Verdict in False Claims Act Case, BETO Will Host March 23 Listening Session on Next Billion-Ton Report. Gold's Gym plans to permanently close around 30 company-owned gyms, but its franchised locations will reopen as coronavirus restrictions are lifted. The Supreme Court Grants Petition to Decide Constitutionality of CFPB Understanding Your Law Firms Value Proposition, Spike in Migrants Crossing U.S.-Canada Border Raising Concerns, Bill to Amend the Gramm-Leach-Bliley Act Introduced to Congress, Energy & Sustainability Washington Update March 2023. Biggest fitness bankruptcies of 2020. House Energy & Commerce Subcommittee Holds Hearing on U.S. Hunton Andrews Kurths Privacy and Cybersecurity. GT's The Performance Review Episode 19: Is the Fight Over AB 51 5 Reasons Community Associations Need an Attorney That Specializes in New York Proposes Regulatory Review and Approval of Material Health CMS Issues Long-Awaiting Medicare Advantage RADV Final Rule, Preventing the Use of Cryptocurrencies to Evade Sanctions. Body Tek Fitness Inc. filed for voluntary Chapter 11 bankruptcy protection April 19 in the Southern District of Florida. Across the board, retailers have faced tremendous disruptions to business in 2020. Dollars). Here's a list of the fitness and sporting goods companies that have filed for bankruptcy in 2020. Following is our top retailers to watch for possible Chapter 11 filing(s) in the year ahead: including Barnes & Noble, AMC, Regal Theaters, Francescas, LA Fitness, Bed, Bath & Beyond, Party City . Statement in compliance with Texas Rules of Professional Conduct. We have referred to several online sources to come up with the biggest fitness bankruptcies of 2020. A November, 2021 article from Sports-Net.org, . Part 1 training plans. "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.". YouFit Health Clubs (November) This Florida based company filed for Chapter 11 bankruptcy on Nov. 9. US Executive Branch Update March 2, 2023. NLRB Places New Limitations on Confidentiality and Non-Disparagement Settlement Will Benefit Many Aging-Out Children in the Green Card SEC Commissioner Discusses Reform to Regulation D, Massachusetts AG Settles Enforcement Action Against Auto Lender. Nearly two-thirds of people who file for bankruptcy are married. While millions have already been vaccinated, with the number jumping every day, millions more are still avoiding offices, parties, travel and all manner of other social events. According to theBusiness Insider, a recent filing with the SEC stated that the company may seek a restructuring under the protection of applicable bankruptcy laws if its unable to raise sufficient additional capital. Although the company had 700 locations at the end of the second quarter, it is now closing roughly 20% (140 stores) by the end of this year. To stay out of bankruptcy court, retailers will need liquidity and working capital, they'll need to adapt to an ever-shifting landscape that is more digital than ever before, and they'll need some luck. According to BDO survey data, 42% of retail CFOs reported that they expect to restructure or reorganize as fallout from the COVID-19 pandemic persists into 2021. However, according toBusiness Insider, the Pandemic is caused a significant drop in revenue. Now the companys lenders are preparing for restructuring talks as a forbearance period nears its end. . National Law Review, Volume X, Number 336, Public Services, Infrastructure, Transportation. Bankruptcies in Australia averaged 642.46 Companies from 1999 until 2023, reaching an all time high of 1123.00 Companies in February of 2012 and a record low of 175.00 Companies in January of 2023. Gold's Gym filed for Chapter 11 bankruptcy protection in May, shortly after the company announced it would shutter 30 locations that had been temporarily closed early on in the pandemic. It was founded in 1984 and headquartered in Irvine, California. Bankruptcies in Australia decreased to 175 Companies in January from 604 Companies in December of 2022. Still, the heavy back rent, multiple locations, and other debt issues make the gym a perfect candidate for a Chapter 11 restructuring. LA Fitness, which is already . Bed Bath & Beyond Can Its On-line Pivot Avoid Bankruptcy? Why was HIVERY named in Fast Companys 2023 Worlds Most Innovative Companies? According toSeeking Alpha, the company has been fighting against the demise of the mall for years. According to statistics provided by New Generation Research's bankruptcydata.com, as of the end of 2020, bankruptcies . 24 Hour Fitness CEO Tony Ueber blamed the public health crisis, which has killed nearly 116,000 . BREAKING DOWN THE PRIVACY ACT REVIEW REPORT #3: Removal of The Small White House Releases National Cybersecurity Strategy, Illinois High Court Rules Per-Scan Damages Can Be Awarded Under BIPA, Grassley-Wyden Bill Aims to Fix Broken Tax Whistleblower Law, Lessons Learned From 2022s Trade Secret Verdicts, Mass. California Law May Limit Hospitals Ability to Adopt The Joint Ankura CTIX FLASH Update - February 28, 2023, Ankura Cyber Threat Investigations and Expert Services. COVID-19 is still with us. Slowly, the global Pandemic is coming to an end. LA Fitness is a gym chain offering memberships to customers. Although the company negotiated about $13 million in rent abatements in the fourth quarter of 2020 for the COVID-closure period, it may not be enough to avoid a filing. If you would ike to contact us via email please click here. Chapter 7. You may change your billing preferences at any time in the Customer Center or call With over 1,100 Victorias Secret stores worldwide and 1,700 Bath & Body Works stores, it may behoove the company to file and sell off the Victorias Secret side of the house. Although the pandemic has exacerbated the companys woes,Retail Divereports that the companys issues began prior to the virus. You will be charged LA Fitness has lined up a $300 million loan from the government's Main Street Lending Program, which provides emergency loans to help small- and medium-size businesses affected by the . You need a Statista Account for unlimited access. Still, with appeal suffering, it would not be a surprise if the company were to file. Confidentiality and Non-Disparagement Agreements with Non-Supervisory USCIS Confirms It Will Accept Employment-Based I-485 Applications New Jersey Enacts Bill of Rights for Temporary Workers, DOJ Implements Nationwide Voluntary Self-Disclosure Program. Build-A-Bear Workshop Can the Holidays Save Teddy? We are delighted that you'd like to resume your subscription. Topics covered: brand launches, expansion opportunities, partnerships, startup trends, funding, and more. Subscribe to Retail Dive. Sign In. The National Law Review is not a law firm nor is www.NatLawReview.com intended to be a referral service for attorneys and/or other professionals. Louisiana (eff 8/4/2021 until 9/1/2021 unless modified) 13. In fact, two Louisiana-based insurers became insolvent in 2021 alone. Number of business insolvencies in China 2007-2022. Although these steps are in the right direction, the company appears that it needs to still reduce footprint, significantly. LA Fitness's primary competitors include Planet Fitness, Anytime Fitness, 24 Hour Fitness and 17 more. This occurred in the wake of Hurricane Ida, which caused billions of dollars in damages across the state. Under certain state laws the following statements may be required on this website and we have included them in order to be in full compliance with these rules. 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H-2B Cap for Fiscal Year 2023 Is Met: A Supplemental Cap Increase As COVID-19 Emergency Waivers End, DEA Proposes to Expand Tele- How Employers Need to Prepare for the End of the COVID Public Health USPTO To Transition To Electronically Granted Patents In April 2023, Reductions in Force: Some High-Level Issues To Consider, CMS Streamlines Stark Law Self-Referral Disclosure Protocol (SRDP), The Alice Eligibility Two-Step Dance Continues, FTC is Talking Trash and Zeroing-in on Recyclable Claims, FTC Hosts Forum on Proposed Rule to Ban Noncompete Clauses. As part of the filing, the California-based company will permanently shutter all 55 of its locations nationwide. Equinox Another Gym Filing? The tide has turned from last year! Bloombergnoted in February 2021 that the company reached a deal that released it from a limited guarantee of SoulCycles $265 million credit facility with lender HPS Investment Partners. Chicos Company Hopes Its Credit Facility Stave Off a Filing. 2019 sales were 3% below the prior year and with more than half a billion dollars in debt. dollars)." La Fitness. The real estate sector led the charge in 2021, with more than 1,100 filings. Let Retail Dive's free newsletter keep you informed, straight from your inbox. Words With Friends, Part 1: Insurance Requirements and Contracts, Legislator Proposes To Expand CFL To Encompass "Commercial CERCLA PFAS Scope May Broaden To Many More PFAS, AI Avatar App is the Latest Target of BIPA Class Action Litigation. Get retail news like this in your inbox daily. Voyager Faces Questions About Customer Funds Safety With Binance.US, Twitters Revenue, Adjusted Earnings Fell About 40% in December, Endo Secures Backing of Unsecured Creditors, Opioid Plaintiffs for Chapter 11 Exit, Core Scientific Shareholders to Get Official Voice in Bankruptcy Case. Retail companies are still under strain. National Law Review, Volume XI, Number 190, Public Services, Infrastructure, Transportation. Telehealth Update: DEA Issues Long-Awaited Proposed Rule on Prescribing Controlled Navigating the FCC's Universal Service Program: Compliance Requirements for Service Providers, Financial Services: Use of Limitation-of-Liability Clauses in Fiduciary Relationships. The company now has an optimized cost structure and leaner balance sheet after eliminating $1.2 billion of funded debt, according to the announcement