List of Gyms That Might Go Out of Business: Why They Might Close?
Why many popular gyms are closing down? What are some indications when their business is not performing?
Here are some of names people are actively searching and wanted to know if they are really closing down.
- Crunch Gym – Crunch have filed for bankruptcy protection in mid 2009. It was expecting that some big player like “Angelo Gordon & Co” will come and acquire them.
- Bally’s Total Fitness: In 2010 – 2011 started facing real problems and ultimately in 2012 LA Fitness have acquired Bally’s and Closed some 170 fitness centers nationwide.
- Curves: In last 5 years almost 40% of their centers have closed down. In 2007 they had close to 8000 fitness centers in United States.
There are very few businesses today that aren’t affected in some way by the harsh economy. Consumers very often find themselves in a situation where they have to hang on to every penny just to make ends meet. They certainly can’t afford to spend their hard-earned money on anything but necessities. And while it’s still very important to keep the body in shape, many people are giving up their gym memberships (dismissing it as a “non-essential expense”) and opting for a work-out at home alternative. As a result many fitness centers and gyms are taking a hit.
Warning Indications that a Gym May be Closing Its Doors Soon…
The gym lowers its membership cost to new members. As far as gym management is concerned, one of the best ways to increase income for the club is to bring in more memberships. But they also want to make the deal as attractive as possible to get more people in, so they will lower the membership cost. Unfortunately this method only acts for a short time as a solution to the revenue problem, and soon the income begins to drop off again.
The gym decreases its staff. If a once lively gym staffed by several customer service people and personal trainers, suddenly becomes very quiet with a scarce few manning the front desk or offering personal training services, it’s a good indication that the gym is not doing well and can no longer afford the additional staff.
The equipment is run down; some machines may remain broken for long periods of time. Along with cutting the expense of salary for extra staff members, the gym may try to cut costs with regard to the machines in their facility. The machines will appear overused and shoddy; treadmill belts may be cracked, digital displays worn away, or there will be broken machines in the facility that stay broken for weeks on end. This is because the facility simply cannot afford to upgrade or repair the equipment.
The gym begins to cut their hours or their programs. The cost of keeping a gym facility can be expensive. Just keeping the electricity for all of the lighting and the machines can prove to be a huge expense. In addition, many of the “specialty” classes available at gyms today are taught by outside certified trainers who require fees for their time and services. If you notice that the gym has cut its hours of operation, or if your favorite Zumba class is no longer available, your gym may be on the verge of going out of business.