S&P Global Ratings lowered the gym giant 24 Hour Fitness Worldwide's debt rating as clubs reopen and potential bankruptcy looms by kbadenhausen
Gym giant 24 Hour Fitness Worldwide has nearly four million members for its 440 clubs in 14 states, but the coronavirus has been a crippling blow for the chain since it announced the closing of all of its clubs on March 16. Franchises recently reopened in Dallas and Houston, and more openings are slated for the coming weeks. Yet, the company is facing severe headwinds.
S&P Global Ratings lowered its debt rating on the company from ‘CCC+’ to ‘D’ on Friday, citing the company’s failure to pay its June 1 interest payment on the senior notes due in 2022. S&P previously downgraded the rating in both March and November. 24 Hour Fitness entered a 30-day grace period, but S&P does not expect the company to make the payment during that time either.
“We believe that Covid-19-related fitness club closures have materially impaired the company's liquidity position. In addition, there are credible press reports the company is seeking a debt restructuring or Chapter 11 bankruptcy filing,” per S&P’s research note issued Friday.
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