Crunch Gym feels the burn
But in May the company filed for bankruptcy, citing unmanageable lease contracts. In bankruptcy records, the gym's parent company, AGT Crunch Acquisitions, said it had at least $500 million in assets and liabilities. The company has since entered into a purchase agreement with New Evolution Fitness Co., whose founder also started 24-Hour Fitness.
The company has closed two gyms -- one in New York and another in San Francisco. A third gym was shut down, but replaced with another new gym around the corner.
Crunch plans to exit bankruptcy by the end of the summer.
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