(Bloomberg) — In-Shape Health Clubs is exploring strategic options including a debt restructuring, raising capital or a potential sale as the Covid-19 pandemic continues to wreak havoc on gym operators, according to people with knowledge of the matter.
The California fitness chain, which laid off the majority of its employees in March, is working with an adviser as it considers alternatives after the coronavirus caused it to shut more than 60 locations, said one of the people. They asked not to be identified because the talks are private.
The company, which has been reopening some of its fitness centers, has been owned since 2013 by Fremont Private Holdings, an arm of the San Francisco-based private investment office for the Bechtel family, and Pulse Equity Partners LLC.
Representatives for In-Shape and Pulse declined to comment, while a Fremont representative didn’t