New York (CNN Business) Town Sports International, the owner of hundreds of gyms mostly on the US east coast, has filed for bankruptcy. The 47-year-old company owns several gym chains, including New York Sports Club, Boston Sports Club and Lucille Roberts. Town Sports CLUB listed liabilities of $500 million to $1 billion in its filing. The company warned in June about a potential bankruptcy because the "scope and duration of the interruption to our operations has substantially reduced our cash flow." "We anticipate that the Covid-19 pandemic will continue to negatively impact our operating results in future periods," Town Sports said.

Source: CNN September 14, 2020 11:26 UTC