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.
