Bankruptcy

Crunch Fitness Files Chapter 11 In New York

By Scott Riddle

Crunch Fitness, which has a location on Piedmont Road in Buckhead, filed a Chapter 11 petition in New York today. 

From Bloomberg -

Crunch Fitness, a gym operator with 73,000 members and clubs in six U.S. cities, filed for bankruptcy protection from creditors in New York, citing slowing membership and overpriced leases for some locations. The petition for Chapter 11 protection filed in Manhattan today listed up to $500 million in both assets and debts. AGT Crunch Acquisition LLC filed for court protection, along with affiliate clubs in New York, Miami, Chicago, Los Angeles, Atlanta and San Francisco.

The gym's locations continue to operate, and Crunch is seeking bankruptcy court permission to continue 'business as usual,' said Chief Financial Officer Michael Jacobs in a court filing... The case is In re AGT Crunch Acquisition LLC, 09-12889 U.S. Bankruptcy Court, Southern District of New York (Manhattan).

Full post as published by Georgia Bankruptcy Blog on May 06, 2009 (boomark / email).