The fitness industry is feeling the burn. Fitness chain Crunch filed for Chapter 11 bankruptcy protection Wednesday. The company cited assets between $100 million and $500 million, and liabilities of the same amount.
Crunch, which was founded in New York two decades ago, owes money to more than 50,000 creditors. The majority of the 30 largest unsecured claims belong to landlords such as B. Brothers Broadway Realty on Pine Street in New York, and 25 Broadway Office Properties. Crunch owes them $323,582 and $226,036, respectively.