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fibodo Limited
fibodo Limited
fibodo Limited
Health Club Management

Health Club Management

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UNITING THE WORLD OF FITNESS
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Health Club Management

Health Club Management

News

Flywheel files for bankruptcy

Indoor cycling brand, Flywheel, has filed for Chapter 7 bankruptcy and closed all its US studios – just months after settling a legal case with rival Peloton.

In its bankruptcy filing, the company reported it has less than US$50,000 in assets and 5,000 creditors with liabilities of between US$50m and US$100m.

After launching in 2010 with studios in New York City, the company expanded nationwide, operating around 40 studios in cities including Atlanta, Boston, Chicago and Seattle.

Flywheel offered indoor cycling-based HIIT cycling classes, in which riders competed against each other.

The company received funding in 2014 from the Benvolio Group, an investment arm of Lew Frankfort, and launched an at-home bike in November 2017.

However, a lawsuit by rival Peloton brought in 2018, alleged that Flywheel had copied aspects of Peloton's technology to stream live and on-demand classes, as well as to track riders' performances and in February 2020, Jeffery Naumowitz, Flywheel's chief financial officer, admitted in a statement filed at the United States District Court in Texas that Peloton's complaint was "valid".

Flywheel shut down its Flywheel At Home service on 27 March this year (2020).

In addition to struggling with the Peloton lawsuit, Flywheel has also been hit by the challenging trading conditions which are being experienced by many operators in the US market, where the health and fitness industry is having the roughest ride globally, due to wider reputational issues associated with gyms, local lockdowns and lack of government support.

In January 2020, Town Sports International had announced plans to take over Flywheel and its studio business, but the deal subsequently fell through due to the pandemic.

Town Sports has itself been in Chapter 11 since September 14th and is seeking a buyer, with a consortioum, led by Tacit Capital, reportedly working on a deal.

On going into Chapter 11, Town Sports reported liabilities of between US$500m and US$1bn, with similar levels of assets. Mosts of its liabilties being in the form of unpaid rent.

Sign up here to get HCM's weekly ezine and every issue of HCM magazine free on digital.
Indoor cycling brand, Flywheel, has filed for Chapter 7 bankruptcy and closed its US studios – just months after settling a legal case with rival Peloton.
HAF,FIT,IND
2020/THUMB346341_260905_32831.jpg
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News

Flywheel files for bankruptcy

Indoor cycling brand, Flywheel, has filed for Chapter 7 bankruptcy and closed all its US studios – just months after settling a legal case with rival Peloton.

In its bankruptcy filing, the company reported it has less than US$50,000 in assets and 5,000 creditors with liabilities of between US$50m and US$100m.

After launching in 2010 with studios in New York City, the company expanded nationwide, operating around 40 studios in cities including Atlanta, Boston, Chicago and Seattle.

Flywheel offered indoor cycling-based HIIT cycling classes, in which riders competed against each other.

The company received funding in 2014 from the Benvolio Group, an investment arm of Lew Frankfort, and launched an at-home bike in November 2017.

However, a lawsuit by rival Peloton brought in 2018, alleged that Flywheel had copied aspects of Peloton's technology to stream live and on-demand classes, as well as to track riders' performances and in February 2020, Jeffery Naumowitz, Flywheel's chief financial officer, admitted in a statement filed at the United States District Court in Texas that Peloton's complaint was "valid".

Flywheel shut down its Flywheel At Home service on 27 March this year (2020).

In addition to struggling with the Peloton lawsuit, Flywheel has also been hit by the challenging trading conditions which are being experienced by many operators in the US market, where the health and fitness industry is having the roughest ride globally, due to wider reputational issues associated with gyms, local lockdowns and lack of government support.

In January 2020, Town Sports International had announced plans to take over Flywheel and its studio business, but the deal subsequently fell through due to the pandemic.

Town Sports has itself been in Chapter 11 since September 14th and is seeking a buyer, with a consortioum, led by Tacit Capital, reportedly working on a deal.

On going into Chapter 11, Town Sports reported liabilities of between US$500m and US$1bn, with similar levels of assets. Mosts of its liabilties being in the form of unpaid rent.

Sign up here to get HCM's weekly ezine and every issue of HCM magazine free on digital.
Indoor cycling brand, Flywheel, has filed for Chapter 7 bankruptcy and closed its US studios – just months after settling a legal case with rival Peloton.
HAF,FIT,IND
2020/THUMB346341_260905_32831.jpg

News

Fitness tech firm JaxJox will accelerate the launch of its connected home fitness solution, InteractiveStudio,
Snap Fitness has ended its agreement with its master franchisee for the UK and Ireland
The UK government has provided a lengthy response to a petition which demanded that gyms
Gym and health club operators in Germany are believed to be considering joint legal action
The latest study into the infection rates recorded at gyms has shown that the average
A new mobile fitness platform delivers personal training sessions to people at home by combining
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Features
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A like or a share on Instagram has never paid the rent. MZ-Remote has allowed me to continue revenue streams during Covid-19 that covered my operating expenses and effectively kept my business open
Features
Editor's letter
Our sector is still misunderstood by those in power. It’s time to accelerate the fight to change this by creating a new vocabulary to define what we do, why it matters and how we can contribute
Features
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New research shows that UK public sector health and fitness is on track for recovery, but operators face shifts in their member profiles that mean operators will need to adapt to thrive
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HCM people

Dr Darshan Shah

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Our vision is that health is not the absence of disease but the abundance of vitality
People
As a society, we all need to make a conscious effort to be more active and our industry is in the best position to help people do that
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Keith Burnet

CEO global markets, Les Mills
I wanted to do something to inspire others and encourage them to believe that no matter what age you are, anything is possible
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Luca Maggiora

Co-founder, House of Wisdom
People think making a change is easy and fast, but that isn’t true. It’s hard and it takes time
People
I invite every organisation to become part of our consultation on workplace wellbeing, active ageing and long-term health conditions
People
As you approach each studio, there’s an area of transition, setting the tone as you move from one space into another, recalibrating your senses. I call it Layers of Wow
People
Opinion
promotion
Our world has changed since March and together, we are learning and adapting to how this sector can continue to thrive in this COVID conscious world.
Opinion: Why fitness clubs and facilities need to evolve in a COVID-conscious world
Opinion
promotion
In a post-Covid world, member experience is more important than ever before. Your customers’ expectations have been heightened as the coronavirus continues to dominate our everyday lives.
Opinion: Why member experience is more important now than ever before
Featured supplier news
Featured supplier: Gympass sees success after pivoting to digital
As the COVID-19 lockdown forced the temporary closure of businesses across the country, the outlook for companies supplying services to corporate partners looked precarious.
Featured supplier news
Featured supplier: Frame launches new, streamlined digital offering, powered by Fisikal
When facing lockdown restrictions, Frame successfully adapted its in-club experience to an online offering for members.
Video Gallery
A new Zone is here
MyZone Group Ltd
A new zone is here for your club, for your members and for you. Read more
More videos:
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Company profile: Precor
For more than 35 years, Precor has driven fitness forward. We continue that heritage every ...
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Company profile: EXF Fitness
EXF offer so much more than modular systems and pick and mix installations, they don’t ...
Supplier Showcases
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Catalogue Gallery
Click on a catalogue to view it online
Directory
Direct debit solutions
Harlands Group: Direct debit solutions
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Gym flooring
REGUPOL/Berleburger Schaumstoffwerk (BSW): Gym flooring
Whole body cryotherapy
Zimmer MedizinSysteme GmbH / icelab: Whole body cryotherapy
Skincare
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Hydrotherapy / spa fragrances
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Property & Tenders
11 - 25 Union St, London SE1 1SD
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