(Bloomberg) — Flywheel Sports Inc., the operator of spin boutiques beloved by fitness-obsessed city dwellers, filed for bankruptcy with plans to go out of business after the coronavirus shut down its studios.
The fitness chain’s Chapter 7 petition filed in New York late Monday estimates as much as $100 million in liabilities and no more than $50 million in assets. Flywheel will use the court-supervised process to gather and sell assets so it can pay off debts and close its locations.
New York-based Flywheel offered in-studio and on-demand cycling and strength classes across U.S. cities including Boston, Chicago, Washington and Seattle. Its filing comes a day after its former suitor, Town Sports International Holdings Inc., the parent of New York Sports Clubs, filed for Chapter 11 bankruptcy.
Both chains are among fitness centers that suffered after shelter-at-home