Parent of New York Sports Clubs and Boston Sports Clubs has filed for bankruptcy as the pandemic ravages gyms

• Town Sports International, the parent company of New York Sports Clubs, Boston Sports Clubs, and several other gym chains, filed for Chapter 11 bankruptcy on Monday.
• It said restructuring would help it "properly respond to the COVID-19 pandemic." 
• It's not the first gym company to file for bankruptcy — Gold's Gym and 24 Hour Fitness also began restructuring in the spring. 
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Town Sports International, which operates hundreds of gyms under the New York Sports Clubs, Boston Sports Clubs, Philadelphia Sports Clubs, Washington Sports Clubs, Lucille Roberts, Total Woman, and Around the Clock Fitness banners, filed for Chapter 11 bankruptcy on Monday. 

In a message to customers, the company said the restructuring would help it "properly respond to the COVID-19 pandemic, with the long-term goal to emerge as a thriving powerhouse in the fitness industry."

Town Sports warned in an SEC filing in June that it could be forced to file for bankruptcy because it did not have the cash on hand to make payments on its debt load. Due to state restrictions imposed to slow the spread of the novel coronavirus, the company had temporarily closed all of its locations by the end of March. It laid off some employees and stopped paying rent at some locations. 

"The scope and duration of the interruption to our operations has substantially reduced our cash flow," it said in June.

In New York, for example, gyms and fitness centers were only allowed to begin reopening on August 24. Indoor capacity is limited to 33%, and guests must wear masks. 

Town Sports has not announced plans to permanently close gyms at this time. It said it's continuing to reopen locations "as well as certain amenities in a 'phased' approach as we evaluate the best time and locations."

Town Sports isn't the first gym chain to resort to Chapter 11 amid the pandemic. Gold's Gym filed for bankruptcy at the beginning of May, while 24 Hour Fitness filed in June. Both said they would close a number of locations.

Gyms have struggled as many continue to exercise at home during the pandemic, a trend that has benefited connected-fitness company Peloton, which reported soaring sales last week.