David Barton Gyms Files Chapter 11
The high-priced David Barton Gym is straining under the weight of its own debt. Crain's New York reports that the gym, which has three locations in New York City as well as Chicago, Miami and Bellevue, Washington, has filed for Chapter 11 bankruptcy protection. The fitness center's revenue last year was nearly $28.3 million which was an 18% uptick from the previous year but the company's debt was much bigger, $65.5 million. Part of the gym's appeal, a dedication to luxury and flash, has also been its problem. The gym has a total of around 13,500 total members.The David Barton Gyms will remain open during the resturcturing and the company is entering into an agreement with Meridian Sports Club, a company which also uses the name Bodies in Motion and has health clubs in California and Hawaii. Meridian plans to open a new Las Vegas David Barton Gym in September and Los Angeles gyms are also planned including one in the old Tower Records building. As the Crains article points out, both Bally Total Fitness and Crunch Fitness emerged successfully from Chapter 11 protection in recent years. Shown at right is David Barton himself on the occasion of the gym's toy drive during the holiday season. The NY Post says that Meridian CEO Chuck Grieve will become chairman of David Barton Gyms but that Barton will remain CEO.
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