New York Sports Club owner plans to seek bankruptcy protection to weather coronavirus
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The owner of New York Sports Clubs plans to seek bankruptcy protection Friday as it grapples with the economic fallout of the COVID-19 pandemic.
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Town Sports International Holdings is seeking relief after failing to win tens of millions of dollars in financial aid, Bloomberg reported, citing sources familiar with the matter it didn't identify.
|CLUB||TOWN SPORTS INT. HLDGS||0.31||-0.07||-17.84%|
24 HOUR FITNESS FILES FOR BANKRUPTCY, CLOSES OVER 130 GYMS AMID CORONAVIRUS PANDEMIC
The company — which bills itself as one of the largest owners and operators of fitness clubs in the Northeast — had been attempting to obtain $80 million from Kennedy Lewis Investment Management, Bloomberg reported, but that firm backed out when the gym chain realized the amount wouldn't be large enough and raised its request to $20 million.