In December 2020, the company successfully emerged from bankruptcy. In June 2020, the company officially declared bankruptcy and indicated plans to close over 130 gyms.
In April 2020, due to the coronavirus gym closings, the company was exploring the option of filing for bankruptcy within the next few months. for $1.85 billion to an investment group led by AEA Investors LP and the Ontario Teachers' Pension Plan.
reportedly sold 24 Hour Fitness Worldwide Inc. Offers reportedly fell short of the asking price. After being courted by various interests for over six months, ultimately in January 2012, the board of directors took 24 Hour Fitness off the market. In August 2012, the owner of 24 Hour Fitness put the 416 location gym chain on the auction block with a price tag reported to have been close to $2 billion. Its former affiliate and spinoff California Wow Xperience (CalWowX), a California Fitness offshoot, formerly had member swap agreements with both 24 Hour, then only California Fitness, and at its height ran gyms located in Bangkok, Chiang Mai and Pattaya in Thailand, including one female-only club. CalFit was sold to Ansa Group, a Hong Kong company in 2012 24 Hour Fitness became an exclusively US gym chain. Its European clubs closed in the early 2000s. Besides the United States, it had centers in Singapore and Hong Kong, Beijing and Shanghai in China) through its wholly owned subsidiary California Fitness (CalFit). 2009–present: Acquisition and other operations Ģ4 Hour Fitness formerly had some 15 clubs in Singapore and China. 24 Hour Fitness cut their ties with Armstrong in 2012 after his doping scandal. That same year, 24 Hour Fitness opened its first Lance Armstrong Signature Club.
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īeginning in 2005, 24 Hour Fitness partnered with cyclist Lance Armstrong co-sponsored the Discovery Channel Pro Cycling Team. Olympic Training Centers across the country, including renovation of the facility in Colorado Springs, Colorado, in 2004 to be followed by Lake Placid, New York, and Chula Vista, California.Ģ4 Hour Fitness partnered with NBC to develop a reality show, The Biggest Loser, which features 12 to 22 overweight contestants competing to lose weight over several million dollars. Olympic hopefuls, and includes upgrades to some U.S. The sponsorship grants memberships to some U.S. In 2004, 24 Hour Fitness became a sponsor of the 2004–2008 United States Olympic teams. The company was originally named "24 Hour Nautilus", but merged with southern California based company "Family Fitness" in 1996, which resulted in both brands emerging as "24 Hour Fitness" 2004–2008: Olympics and other sponsorships Mastrov had been using a local gym for rehab after a knee injury, and turned the gym into a 24-hour nautilus facility after buying out the owner. History Early history and founding Ģ4 Hour Fitness was founded in 1983 by Mark Mastrov.
ĭespite the chain's name, many of the gyms are not open 24 hours a day.
Mastrov and was sold to Forstmann Little & Co in 2005, and then to AEA investors and Ontario Teachers Pension Plan in 2014.Īfter COVID-19 forced gym closures and ravaged the fitness industry in 2020, the company filed for bankruptcy in June 2020, closed over 100 clubs, and successfully emerged from bankruptcy under new owners Sculptor Capital Investments LLC, Monarch Alternative Capital LP and Cyrus Capital Partners LP in December, 2020. The company was originally founded by Mark S. It is the second largest fitness chain in the United States based on revenue after LA Fitness, and the fourth in number of clubs (behind LA Fitness, Anytime Fitness & Gold's Gym), operating 287 clubs across 11 U.S. 24 Hour Fitness's former headquarters building in San Ramon, CaliforniaĢ4 Hour Fitness is a privately owned and operated fitness center chain headquartered in Carlsbad, California.
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