that filed for bankruptcy in recent months as a result of the coronavirus outbreak, including Gold's Gym, 24 Hour Fitness, and YogaWorks. According to documents filed Tuesday with the US Bankruptcy Court for the Southern District of New York, Flywheel has estimated assets of no more than just $50,000 and estimated liabilities of between $10-50 million. Founded in 2010, Flywheel grew quickly over the past decade thanks to the boutique fitness boom and the resurgence of stationary cycling.
in March due to the financial impact of closing studios for in-person classes to prevent the spread of the virus. Though the company sought out alternative revenue streams such as streaming classes and selling or renting bikes and gear, it ultimately wasn't enough to prevent the company's demise. Prior to the bankruptcy, Flywheel had been in talks with Town Sports International — the parent company of New York Sports Clubs and Boston Sports Clubs, among other fitness chains — for a possible merger that would have saved the spinning company.
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