Town Sports International, which owns New York Sports Club, Boston Sports Club and other gyms, filed for Chapter 11 bankruptcy Monday morning.
As the coronavirus pandemic continues to take a toll on the fitness industry, the part company of New York Sports Club has been burdened by financial strains for months.
Gym operators nationwide -- large and small -- have been suffering as the pandemic cut off the monthly membership and personal training fees that make up much of their revenue.
The company said on its website that its facilities would continue to operate normally, saying the move was made to restructure to face challenges posted by the pandemic.
"Restructuring is the best way to properly respond to the COVID-19 pandemic, with the long-term goal to emerge as a thriving powerhouse in the fitness industry," the company said in a statement.
Gyms in New York and New Jersey were cleared to reopen within the past month with limited capacity restrictions and a handful of updated safety precautions.
Several members of Boston Sports Club filed a lawsuit against the club in April, claiming they continued to charge members despite the closure of its facilities back in March.
Town Sports sent out an email shortly after notifying people that the company was freezing memberships at no cost while their facilities were shut down due to the pandemic.
What began as a small chain of squash clubs in New York City in 1973 has grown to 185 fitness centers with around 600,000 members.
Town Sports also owns gyms in Philadelphia and Washington, D.C. named for those cities.