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Flywheel Sports Will Close, Adding to Fitness Chain Wreckage

  • Chapter 7 bankruptcy comes as indoor cycling studios stay shut
  • N.Y. Sports Clubs had planned to buy Flywheel before virus hit
    
Photographer: Paul Zimmerman/Getty Images

Flywheel Sports Inc., the operator of spin boutiques beloved by fitness-obsessed city dwellers, filed for bankruptcy with plans to go out of business after the coronavirus shut down its studios.

The fitness chain’s Chapter 7 petition filed in New York late Monday estimates as much as $100 million in liabilities and no more than $50 million in assets. Flywheel will use the court-supervised process to gather and sell assets so it can pay off debts and close its locations.