Cyc Holdings LLC, which owns indoor cycling chain Cyc Fitness, filed for Chapter 11 restructuring on Oct. 14.
Zengo Fitness LLC and Cycle House, both of which are affiliated with Cyc Holdings, were part of the filing, which was made in the U.S. Bankruptcy Court for the District of Delaware.
The filing shows that the company has debts of less than $7.5 million while its estimated assets were listed at $0 to $50,000 and its estimated liabilities were in the same range.
The company filed an order to pay wages, compensation and benefits to employees, indicating it plans to continue operating studios.
Cyc is just the latest health club company to file for bankruptcy. In mid-October, YogaWorks filed for Chapter 11 reorganization and closed all its studios, moving to a digital and live-stream content model.
In September, Town Sports International, which operates New York Sports Clubs among others, filed for Chapter 11 reorganization and is seeking a buyer. Also in September, Flywheel filed for Chapter 7, which is a liquidation of the company, closing all of its studios.
In June, 24 Hour Fitness filed for Chapter 11 reorganization.
In May, Gold’s Gym was the first large club chain to file for Chapter 11 restructuring due to the effects of the temporary club closures caused by the COVID-19 pandemic. It was purchased in July by RSG Group, a large fitness brand operator in Europe.