PHILADELPHIA (CBS) – The parent company of Philadelphia Sports Club has filed for Chapter 11 bankruptcy. Town Sports International, LLC, which has 61 affiliate companies including several Philadelphia Sports Club locations in the region, made the announcement Monday morning.
Town Sports International says they are not going out of business and members should not notice any break in service. Instead, the company will go through a restructuring process.
“Restructuring is the best way to properly respond to the COVID-19 pandemic,” Town Sports International said in an announcement Monday. “The goal is to emerge from Chapter 11 as an even stronger company, better positioned to serve members into the future.”
The company says it will continue to operate its facilities as usual throughout the process and will continue to reopen clubs, as well as certain amenities, in a phased approach.