8 of 15
BACKNEXT
Crunch Gym feels the burn
Crunch Gym feels the burn
New York City-based Crunch gym began as a basement aerobics studio in the East Village in 1989 -- one without locker rooms or air conditioning. Over the past 20 years, it has grown in popularity -- largely on a reputation for creative classes, such Hip-Hop Aerobics and Co-Ed Action Wrestling -- to 28 locations around the country.

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.

NEXT: Pilgrim's Pride has hurt pride

Last updated September 25 2009: 2:55 PM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
The median home price is $236,000. Here's what that buys you The median home price climbed to $236,400 in June, according to the National Association of Realtors. Here's what that will buy you across the United States. More
Affordable homes with water views Living by the water doesn't always have to set you back seven figures. More

Special Offer