New York Sports Clubs Parent Mulls Bankruptcy Filing [TheStreet.com]
TOWN SPORTS INTL HOLDINGS (CLUB)
Last town sports intl holdings earnings: 11/5 04:01 pm
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Source: TheStreet.com
Town Sports International Holdings(CLUBGet ReportGyms across the country have been shuttered for weeks as the response to the coronavirus pandemic has shut down most of the economy.Town Sports has been in talks with lawyers at Olshan Frome Wolosky and has interviewed investment bankers to serve as the company's financial adviser, sources told Bloomberg.But Town Sports is not yet committed to any course of action. While some observers estimate that the U.S. economy won't be open for the rest of the year, others are optimistic that it will begin to open much sooner.Last month, the company's annual report said the U.S. health club industry's revenue grew to $32.3 billion in 2018 from $30 billion in 2017. But it also warned of the risk posed by covid-19."Mandatory closures and other related effects of the covid-19 pandemic may cause a material adverse effect to our business," the Securities and Exchange Commission Form 10-K stated."We may experience a material loss of customers, revenue a
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