24 Hour Fitness

24 Hour Fitness' June 2020 bankruptcy collapsed America's second-largest gym chain. The company had expanded aggressively, reaching 445 clubs through acquisitions funded by private equity debt. When COVID forced gym closures, membership dues evaporated while rent obligations remained. 24 Hour Fitness closed 100+ locations, emerged from bankruptcy, but the pandemic permanently changed gym economics - many members discovered home workouts eliminated the need for memberships.