This beloved gymnastics chain has just been filed for bankruptcy

Staying fit throughout the COVID pandemic has been a challenge. But it has become increasingly difficult as gyms have been forced to close for a substantial amount of time this year – and some now have to close their doors permanently. The latest victim? This week, the beloved California chain In-Shape announced that it had just gone bankrupt. Read on for more on the future of this regional chain and for a similar company that is closing, see This popular hall closes all its locations.

In-Shape has been an accessory of the California fitness scene for nearly 40 years, but thanks to COVID, the company announced on its website that it is filing for bankruptcy protection in Chapter 11 on December 16. “As you know, the mandated closure of gyms in California has kept us closed for most of 2020,” the statement said, noting that statewide shutdowns have dramatically affected. [In-Shape’s] “So the company decided to ‘take steps to restructure so that we can focus our resources to ensure our long-term viability.’

Like many states, California has struggled with an increasing number of COVID-19 cases, and in mid-November the governor. Gavin Newsom he said he was pulling the “emergency brake” and restoring strict safety measures. As a result, most of the state’s 58 counties were placed under the strictest level of restrictions, which included the closure of gyms, along with the indoor operations of bowling alleys, cinemas, museums and zoos.

The good news is that In-Shape is not going away forever – at least not yet. The company expects to leave the other side of this period “with a smaller and more concentrated portfolio of about 45 clubs in California”, although it did not specify which locations could survive the restructuring. The statement stressed that the chain would not disappear completely: “In-Shape helps Californians stay healthy, fit and happy for almost 40 years and we are not going anywhere.”

Read on for the latest on other well-known brands that have seen their fortunes sink during the ongoing pandemic, and for another struggling company, read why this iconic chain is closing more than 1,000 stores until March.

Read the original article on The best life.

1

I HAVE C

AMC Hall in Times Square
AMC Hall in Times Square

The largest cinema chain in the US is currently struggling to raise $ 750 million to secure its future, after a year of closed cinemas and studios, releasing their new films live on streaming and On Demand services. Bloomberg reported that the total decrease in AMC locations decreased by 92% in the fourth quarter, compared to the same period in 2019.

In addition, AMC’s actions had a big impact this week, when news broke that a set of senior creditors were pressuring the chain to file in Chapter 11, according to The Motley Fool. And for another hard pill to swallow, check out this legendary store that just announced that it is filing for bankruptcy.

2

Francesca’s

francescas clothing store exterior entrance
francescas clothing store exterior entrance

In the first week of December, the youth and youth adult store, Francesca, announced for the first time that it was applying for Chapter 11 bankruptcy protection, and the company soon revealed that 97 stores will close. This followed the November announcement that 140 locations will close, totaling more than a third of the chain’s 700 locations. And for another stylish company that is making big changes, check out this iconic clothing chain closing its biggest stores.

3

Topshop

Topshop store
Topshop store

In November, the British parent company behind the fashion company Topshop moved into administration (the UK equivalent of Chapter 11). “The forced closure of our stores for periods sustained as a result of the COVID-19 pandemic has had a material impact on trading between our businesses,” a spokesman said in a statement to Sky News on November 27th. And for more retail news delivered directly to your inbox, sign up for our daily newsletter.

4

GameStop

entering a Game Stop store in a mall in Kokomo, Indiana
entering a Game Stop store in a mall in Kokomo, Indiana

GameStop has already closed nearly 800 stores in the past two years, but in early December, the world’s largest video game retailer announced it would close more than 1,000 stores by the end of March. However, the CEO George Sherman is still optimistic, according to Games Industry. “We anticipate, for the first time in many quarters, that the fourth quarter will include positive year-on-year growth and profitability, reflecting the introduction of new gaming consoles, our high omnichannel capabilities and continued cost-effectiveness benefits, even and with the potential negative effects on our operations due to the global COVID-19 pandemic, “he said during a December 8 call with investors. And for more news about video games, you know that if you bought the most popular gift from this year, you must receive a refund.

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