Tag: Bankruptcy

 

Tribeca Health & Fitness in Manhattan Files for Bankruptcy

107 Chambers Street and Allison and Frederick Thompson (Google Maps, Tribeca Health & Fitness) 

107 Chambers Street and Allison and Frederick Thompson (Google Maps, Tribeca Health & Fitness)

An independently owned gym in Lower Manhattan has fallen victim to Covid-19, joining a long list of businesses ravaged by the pandemic.

Tribeca Health & Fitness, located at 107 Chambers Street, filed for Chapter 7 bankruptcy on Friday and announced its permanent closure on its website.

“We are heartbroken to announce that we will not be reopening,” the website said. “The prolonged Covid closure has made it impossible for us.”

Since 2017, Allison and Fred Thompson have been the owners of the popular gym, which occupied more than 10,000 square feet of space across three levels, according to the website.

In the statement, the owners said they “tried every avenue” to save the gym, the pandemic was more than they could bounce back from.

The business owes more than $1.4 million to its creditors, while its assets totaled about $92,000, according to the bankruptcy petition.

With the closing, the self-proclaimed “largest family-owned fitness facility in Lower Manhattan” has joined the pool of sports clubs and fitness centers crashed by the pandemic in recent months.

Town Sports International — which owns sports clubs in New York, Boston, Philadelphia and Washington, D.C. — filed for Chapter 11 bankruptcy last month after the forced closure of gyms led to big losses in revenue, Reuters reported. The national chain 24 Hour Fitness also filed for bankruptcy in June.

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